NatWest, a British bank founded in 1968, asks its customers to explain why they withdraw their own money. In some cases, people would have to provide documents to prove they are telling the truth.
According to the bank, this is a measure aimed at the safety of customers themselves. Also in March, NatWest used the same excuse to restrict cryptocurrency purchases.
As expected, the topic is being discussed on social media, mainly by Bitcoin proponents.
The NatWest policy on withdrawals is circulating on social media
A photo about the NatWest bank’s withdrawal policy has been going viral on social networks since early this week, with customers and non-customers feeling uneasy about the decision.
“Do you want to withdraw money?”asks NatWest. “Our main goal is to keep customers safe and our locations carefully follow our processes to achieve this.”
“This includes asking questions about the purpose of your withdrawal. We may also ask for supporting documentation such as an invoice.”

The text then points out that withdrawals over £2,000 require a 24-hour prior request, a common practice among banks. However, please note that some withdrawals may be blocked depending on the customer’s motivation.
“In some cases, we may choose to decline the withdrawal of funds based on the information provided about the transaction.”
To some, NatWest’s policies are so absurd that the photo could be a fake. The bank itself did respond to some reactions on Twitter.
“NatWest, is this policy official?” one user asked. “I find this extremely worrying. My money is my money, not yours.”
“Withdrawing money is the least secure way to pay”the bank replied through its official account, noting that there are other alternative options available, such as online banking and mobile apps.

NatWest’s policy can also be found on the official website.
People are concerned about their financial privacy
While current payment systems are convenient, they also lack privacy. For example, some banks monitor all of their users’ carbon consumption, which may not appeal to everyone, and this could be just the beginning.
That is, cash is still the best option for those who don’t want to have their transactions checked, but the days seem numbered.
In addition, many believe that the advent of CBDCs (central bank digital currencies) could exacerbate the situation. Robert Kiyosaki, author of the book Rich Dad Poor Dad, has already indicated that this will be a “financial big brother”.
Finally, NatWest customers not only face limits on cryptocurrency purchases, but also risk being unable to withdraw their own funds. The bank argues that this is to protect the customer himself.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.