Wednesday, October 16, 2013

Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

Infowars is reporting shocking news.  Their reporter Paul Joseph Watson writes:
Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States.

Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle from November 17 onwards.

The letter reads;

Dear Business Customer,

Starting November 17, 2013:

- You will no longer be able to send international wire transfers. You will still be able to send domestic wires and receive both domestic and international wires. We’ll cancel any international wire transfers, including reccurring ones, you scheduled to be sent after this date.

- Your cash activity limit for these accounts(s) will be $50,000 per statement cycle, per account. Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches (including purchases of money orders) and ATMs.

These changes will help us more effectively manage the risks involved with these types of transactions.
Another letter (PDF) received by Peak to Peak Charter School, a college in Colorado, states that the option to send both international and domestic wire transfers has been withdrawn from Chase business savings account holders.

Shortly after we posted this story, other Chase business customers confirmed they had also received similar or identical letters.

“I’m a Chase customer with both of the type accounts mentioned and got the letter posted,” wrote one.
“I have been a loyal customer of Chase for 11 years and I received the letter for my business and when I called about this I was told basically piss off and find another bank!” added another.

Chase is obviously very keen to make it hard for their customers to have any kind of control over their savings and is trying to prevent them from sending dollars abroad, prompting concerns that Cyprus-style account gouging could occur in America.

It is not clear what is behind this move, but limiting what you an do with your own money is not good. 

A word to the wise: Keep some cash liquid and outside the banking system, maintain multiple accounts to give yourself additional flexibility.

17 comments:

  1. Anyone really concerned that Cyprus-style account gouging could occur in America?

    The Automated Clearing House is adopting a new policy regarding "merchant customers" and "high risk transactions" on November 17 which is why the date is November 17 and why it only applies to business accounts. Chase apparently feels it is easier to not engage in these transactions rather than deal with a new regulation.

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    1. I have absolutely no idea what to expect with the nut job control freaks running this country. This administration scares the living crap out of me. And here I thought GWB was evil. I am even nervous posting this.

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    2. The government is congenitally unable to honor its commitments. It always prefers to change the rules/laws to its own benefit using 'regulations'. Cyprus style confiscations are much more likely in such a control-freak regulatory environment.

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  2. Cyprus-style gouging routinely occurs on behalf of IRS, and we may expect this to increase with the advent of Obamacare. Admittedly, the justification is different. Cyprus did it to maintain liquidity of the state, which would not be necessary in the U.S. so long as it prints its own money. Currently, the U.S. seizes money from bank accounts to demonstrate power over its tax slaves.

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  3. I know Bob wont post this. But Jerry, you are by far one of the biggest pussies on the web.

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    1. No sure who or what Jerry really is, but he/she/they sure got some time and resources on his/her/their hands to, shall we say, diligently follow and comment on lot of Wenzel's postings.

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    2. "No sure who or what Jerry really is, but he/she/they sure got some time and resources on his/her/their hands to, shall we say, diligently follow and comment on lot of Wenzel's postings."

      I've noticed this as well, and I believe he's a paid troll for Obama's camp. Go to any conservative/libertarian website and you will see these types of trolls are prevalent. Multiple comments and usually the same language.

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  4. In the Phoenix metropolitan area Bank of America had many small branches inside Frys's supermarkets that had extended hours of operation up until one month ago. Overnight and without warning these convenient local branches were closed and the interiors were gutted. Each one of these Bank of America branches had two ATMs at the left side of the entrance and those machines disappeared as well.

    The cover story was that online banking had made these convenient local branches obsolete, and that Bank of America was going forward with a new strategic business model. The funny part is that these branches had lines of customers that would extend all the way out the door at many points during a 7 day work week.

    The smell that arose from Bank of America's strategic realignment really go me wondering how close we may be to a Cyprus style confiscation. At least now the they have far less brick and mortar to protect in the event that their customers have a reason to be upset.

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  5. Did everyone really miss the key word in the letter? From your "savings" account.

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  6. Seriously? Just because there is a line of customers, that doesn't mean it is profitable.

    Amazes me how many conspiracy extremists

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    1. Did you know in October 2004 that the vast majority of MBS were in fact empty because the notes had not entered the New york trusts in the period that was allotted for the tranches to be legal? Well I did Bozo because I had done my homework for the previous 3 years on the Mortgage Electronic Registration System and the 1986 law of REMICS which were created to destroy State control of titles.

      Mark Hanson, Yves Smith, Tanta at Calculated Risk, Dailey Reckoning, and myself were the part of a select few who understand the implications of MBS sold to European Banks would be back in 2007. The Federal Reserve is still trying to clean up the situation 12 years after I got the first indication of how big this blow up would be. Currently 51% of the Federal Reserve's monthly purchases of MBS has been from European Banks.

      Ignorant half wits like you can make the charge of conspiracy theorist to defame someone who has more years of experience, a deeper understanding of the issues at hand, and one of the largest economic databases almost any individual has in this country. The 400 charts that I use to gain an accurate reading of the U.S. economy give me edge over casual theorists like yourself.

      Let me guess, you did not know the real estate market was going to crash by the largest margin since the Great Depression like I did back in October 2004.

      Let me guess, you did not know that a European banking crisis was going to hit in 2007, and you could not tell me what the leverage ratios at the banks were before they blew.

      Let me guess, you did not know the U.S. economy was going to be severely impacted by the Boomers hitting their peak earning years in 2006 like I did back in the spring of 1987.

      Let me guess, you did not know that when the boomers hit the earnings peak that you should be out of the real estate market.

      Let me guess, you did not know that the current real estate market is a fantasy land created by the Fed because demographics say this market will never recover to the level of anything close to what we experienced in 2006. Do you what the birthrate is, the percentage of unwed mothers, the rate of household formations by group, or the marriage rate by generation?

      Let me guess, you will keep your money in the bank because the FDIC will cover your losses.

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    2. good post. very easy for the bimbos to utter the word 'conspiracy' and think that their stupidity and use of that smear wipes out all evidence and research and expertise. anyone could see the writing on the wall in 1997-8 already when they jettisoned glass stiegel. can you gives us the benefit of your insight ala the nov 17 date set by chase to halt intl wire transfers to preempt capital flight? how imminent then, would that make the crash be? any way at all to tell?
      years ago they passed a hidden rider where folks have to get premission to leave the country. lying dormant for the proper crisis. soon it will be homosapien caps too...

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  7. Why would they need to seize cash? They have the printing press? Greece was in the euro zone. We have no such other members to discourage printing. They will not take from us they will simply inflate us into poverty

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    1. You make a valid point, however they might try to use a bail in as an intermediate step if they feel like a currency collapse is eminent.

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    2. There not enough greenbacks to cover bank held debt. Presses can not print fast enough if there was a large run on the banks.

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  8. This is good illustration of bank transaction.

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  9. I see the bozo's are at work again....

    The article is right on. I have a personal account with Chase and they created new rules awhile back. "We reserve the right to hold all deposits for up to seven business days". On my bank statement. I've never written a bad check. Never had an overdraft. I have a direct deposit from the gov each month. What are they worried about?

    Let’s see, back in 2010, I believe it was, the IMF (International Monetary Fund) was calling for a global currency.

    In October this year, the IMF sent out a report whereby they suggested very strongly that ALL nations who were in extreme debt should pull off a CYPRUS run on people’s accounts. Robbing them blind.

    http://thenewamerican.com/economy/economics/item/16787-imf-pushes-plan-to-plunder-global-wealth

    They also talked about taxing the livin’ daylights out of people that had more wealth, which would be extremely detrimental to the middle class.

    When, not IF, that happens, the stock market will plunge and there goes our economy, including all retirement funds, social security, etc., because those are all based in investments that are affected by the stock market.

    What you will see, when this plan goes into affect, is prophecy being fulfilled. The Communist Agenda/NWO Plan to reduce everyone to the status of Third World Country where a day’s wages or a wheel barrel full of money will be required for daily sustenance. Or, in terms of Biblical vernacular, a whole days wages to buy a quart of wheat (enough to make a loaf of bread) will have come.

    Here lies the main problem, although it is suggested that this hyperinflation will only last about about 18 to 24 months, the damage done by that hyperinflation will have lasting impacts.

    Gold and Silver will not buy you out of that dilemma, because even if you have enough that gold and silver will be pretty much worthless.

    Those that produce will not have the money needed to buy seed to grow the food necessary to support our nation, much less exports. (Thank Monsanto for that) Crops in cotton have been so impacted that they are retaining those goods for their own populace, that is why the price of cotton in the states is so high.

    But that is just the tip of the iceberg. To get a real picture of what is happening to guarantee food and fuel scarcity, check out this video. He does a good job in breaking down the costs of doing business with Monsanto.

    http://youtu.be/ZDHumw0ossc

    When you are hungry, you will throw your gold and silver in the streets because you can’t eat it.

    Read more at http://www.westernjournalism.com/stock-market-crash-coming/#GYuEvfR0Ptt6SwzV.99

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