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Chase Bank to Limit Cash Withdrawls, Ban International Wire Transfers

Home Forums General Columbus Discussion Chase Bank to Limit Cash Withdrawls, Ban International Wire Transfers

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  • #99262

    RedStorm
    Participant

    http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/ (commentary from Alex Jones, so take that with a grain of…well, if you know Alex Jones, you know what I mean)

    http://voiceofrussia.com/news/2013_10_17/JP-Morgan-Chase-to-limit-cash-withdrawals-bank-officials-say-0524/

    “In an apparent effort to front-run official government capital controls, JP Morgan Chase has issued letters to all its business account holders notifying them that as of November, 17 the bank will limit all cash transactions (including deposits, withdrawals, and ATM usage) to $50,000 per month, and will prohibit all outgoing international bank wires.”

    I’m not in the tax bracket where I’d ever be concerned about moving $50K in cash in a month, but this is terrible for small businesses. I will seriously be considering leaving Chase. Thoughts?

    #553292

    drew
    Participant

    We just got one of these notices, and I am completely unsure of what to make of it.

    May just be what I needed to motivate us to changing to a credit union.

    #553293

    RedStorm
    Participant

    drew said:
    We just got one of these notices, and I am completely unsure of what to make of it.

    May just be what I needed to motivate us to changing to a credit union.

    I may be off, but to me it signals that they are running low on cash.

    #553294

    melikecheese
    Participant

    To me this sounds much more like risk control, but I would need to understand the fine details.

    #553295
    Caleb
    Caleb
    Participant
    #553296

    Rockmastermike
    Participant

    this seems… shady

    #553297

    drew
    Participant

    It’s good to have a banker in the family… he told me he suspects it has something to do with things like the HSBC debacle where they were caught laundering drug cartel money. He suspects it has little to do with Chase’s cash flow, and much to do with getting on the right side of governmental regulation regarding money laundering and transfers that end up supporting terrorism related purposes (or at least trying to appear as if doing so).

    It still strikes me as a case of guilty until proven innocent that, oh by the way, gives the bank a reason to involuntarily retain its customer’s capital to their detriment and the bank’s gain.

    #553298

    pez
    Participant

    Considering there is a zero percent chance that Chase is going to get out of the business of outgoing international wire transfers, this is more than likely a ploy for them to nudge these businesses into different types of higher cost, more restrictive accounts.

    #553299

    myliftkk
    Participant

    They qualify it by saying “certain” business customers. I doubt legit small businesses are going to get swept up in this.

    P.O. Box businesses on the other hand that bring sackfuls of crumpled twenties to the bank, they might be in for a tougher time.

    #553300

    GCrites80s
    Participant

    Poor Nigerian scammers.

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