NatWest Bank Now Requires Prior Notice For Cash And Crypto Withdrawals Over £2,000

NatWest, one of the biggest banks in the United Kingdom, has now implemented a new policy that requires customers to provide prior notice for cash withdrawals, including those from cryptocurrency platforms, exceeding £2000.

NatWest Bank Imposes Crypto Withdrawal Limits

According to a notice on the bank’s door, customers who require “large sums”, which is £2,000 and above, are required to give a 24-hour notice before they can access their funds.

In certain cases, customers would also be required to provide an explanation and documentation as to the nature of their intended transactions, and an adequate “documentation” is to be provided. The documentation would include their debit card and pin, a viable identity card, and payment invoices where needed.

The notice also pointed out that notifying the bank in advance does not constitute authorization to withdraw one’s funds. If the branch is not “satisfied” with the explanation and documentation provided, the branch is allowed to decline the customer’s transaction, refusing them from withdrawing the funds.

According to the bank, the rationale behind such developments is to “keep customers safe and secure”, which brings to question the previous rationale raised by the bank in the aftermath of the Silicon Valley Bank (SVB) collapse, asking if the crypto space was unjustly blamed for the failings of the traditional bank.

The limit will be cross-cutting, impacting clients who use the bank to transact with leading cryptocurrency exchanges and wishing to cash out, through bank transfers, coins like Bitcoin and others.

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NatWest bank previously faced media scrutiny during the SVB collapse when it imposed daily limits on transactions and protecting customers from potential crypto scams as the rationale. The bank justified these restrictions by highlighting the use of cryptocurrency by cyber criminals, but recent events have cast doubt on their justifications.

Aside from raising doubts, the development also raised concerns about t

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Author: Dalmas Ngetich

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