(Newswire.net — October 18, 2013) Portland, OR — Business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters during this 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 in part;
_____________________________________________________________________
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 recurring 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.
_____________________________________________________________________
While on the face, these changes may appear benign, they represent a fundamental shift in U.S. banking and their effect on commerce.
In order for a business to continue to send international wire transfers, they would have to “qualify” with them for a special type of international bank account and would have to deposit huge amounts of money and pay fees to be able to access those services.
So it now appears that the dollar has been so devalued that you will have to pay fees to have your money in a bank or use a debit card.
If international wire transfers are so risky, Chase Bank is basically saying that they are bankrupt because it is telling you there is no money to withdraw.
This is clearly a major step towards capital controls as we saw with the recent Cyprus bail-in.
Chase would not be implementing a business killing strategy like this unless it was evident that all other major banks were also planning to follow suit. It now appears that mega banks are leading the way to set the precedent that all the others will follow.
These regulations are being enacted for three different but equally plausible reasons.
1) Capital controls to prevent money leaving the country as the US dollar continues to devalue. Note that Chase will allow international wire transfers coming in, but not going out of the accounts. Note that they are only concerned about “risks” when the money is being moved out of the account.
2) Forcing businesses to abandon cash and switching everything over to digital currency that can be more easily tracked, traced and controlled.
3) Part of the preparatory phase for Cyprus-style bail-ins where the government announces a new “tax” to gouge out a percentage of people’s savings.
This is clearly a war on cash and a war on small business and individuals. Two years ago there was a giant backlash against Bank of America when they announced customers would be charged for accessing the bank accounts via their debit card.
What is not common knowledge is JPMorgan Chase runs most of the welfare and EBT cards that really constitutes the top of the pyramid in the corporate-banking-governmental structure.
We have also seen the IRS attempting to bar Americans from leaving the country simply if the IRS has opened an investigation on them.
Financial expert Gerald Celente said the news was a sign that Americans should prepare for an unexpected bank holiday.
It appears that Chase is strongly motivated 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.
The move to limit deposits and withdrawals while banning international wire transfers altogether will cripple many small and medium-sized businesses with Chase accounts. Buying stock from abroad in any kind of quantity will now become impossible for many companies, while paying employees will also be a headache. Grocery stores or restaurants that turnover more than $50k a month will be unable to use their account.
Chase has been under scrutiny since an incident earlier this year when Chase Bank customers across the country attempted to withdraw cash from ATMs only to see that their account balance had been reduced to zero. The problem, which Chase attributed to a technical glitch, lasted for hours before it was fixed, prompting panic from some customers.
If you were planning on getting your money out of the country, now is the time. If you haven’t withdrawn your cash from the bank, you should have done it yesterday.
Source:
http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/