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BobWang

FYI: Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

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http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

 

 

 

Speculation is rife that the bank is preparing for some kind of economic crisis by “locking down” its customers’ money. Although most still expect a deal to be struck to prevent a US debt default, its impact would “shake financial markets to a degree not seen since the Great Depression,” according to experts.

 

Others fear the move to restrict international wire transfers is part of a plan to protect against a near-future collapse of the US dollar.

 

Whatever the truth behind the policy change, Chase really needs to publicly explain its reasoning in order to quell the speculation.

 

 

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Yet one more reason to give chase a very wide berth.

 

I think I've lost count now. :lol:

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more likely worried about money laundering?

 

HSBC, Citi, US Bank, all hit with enforcement actions by the OCC.

 

since Chase has just been fined by the OCC over the London whale and credit card debt sales and robo signing

 

may be they finally closing some loop holes

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Infowars? Really?

 

Sounds to me like Chase is merely restructuring their products and telling certain customers to find a different bank, because the risk in these transactions is not worth the fees charged.

Edited by mk_378

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I was in my local chase bank not an hour ago and there was a guy in the booth next to mine with a banker throwing a HUGE sh*tstorm because he was unable to wire, and something about fraud. He was screaming about talking to someone in new york about this whole deal.

 

Since infowars is out of my city, this is kinda eerie.

 

EDIT: guess it was unrelated - letter states doesn't start until Nov 17th

Edited by MeatCatalog

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There has been a lot of fraud reported by krebsonsecurity and the really big stuff involves hackers of smallish biz accounts. Funds are usually transferred by wire and the largest ones are overseas outgoing wires. There is now a fairly large amount of litigation trying to hold the banks responsible for hacked biz accounts. Banks have responded by advocating and possibly requiring more complex, 2 factor authorization for wire transfers as well as lessor ACH transfers to money mules. This also requires a more complex account, more human monitoring, and an automated infrastructure that is, currently nascent.

 

My take is that this is not in preparation for "capital controls" as some of the tinfoil hat crowd thinks. It's just standard banking risk control. Chase, and other large banks, don't want to gut their international business but they can't afford to be on the hook for loss of funds due to businesses that don't exercise good financial asset controls. I'm an owner/director of a small business that does a lot of foreign business, both selling finished goods and buying parts, and I'm as concerned as well, but not about capital controls. It's the risk of getting hacked and making sure proper authorizations are done that is my concern.

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Yawn.

 

JPM-Chase's actual rules on wires.

The bank’s basic business account, Chase Total Business Checking, does not allow outgoing international wire transfers (it does allow them to come in) and cash activity is indeed limited to $50,000 per month. Cash activity means withdrawals and deposits. The account has a $10 monthly fee which is waived with a $1,500 minimum daily balance.

Need to withdraw or deposit more than $50k? You can but you’ll have to pay more in monthly fees to do so.

Upgrade to Chase’s Performance Business Checking and there’s no cash activity limit. Plus, you get two domestic wires transfers per month at no charge and international wires are available for an additional fee. Of course, there’s a $20 monthly fee that’s waived if you can maintain $50,000 balance.

 

 

Infowars retains it's reputation as an impeccable source of BS.

 

http://www.forbes.com/sites/halahtouryalai/2013/10/17/no-jpm-isnt-banning-international-wire-transfers-no-limits-on-withdrawals-either/

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Not nonsense. How is a business supposed to pay its bills to international suppliers? I have a friend who owns a property in France, uses Chase, and sometimes wires money to their account in France to take care of the bills. If they can't use Chase for this they'll need to use another bank or open up a different account with Chase that allows wires. A pain in the butt.

 

These are all legitimate purposes. If 0.001% of wires are for some sort of crime, you don't deny the service to everyone else. Using that logic they might as well close down the home improvement store down the street from me because a few customers might be buying tools to do a crime.

Edited by Burgerwars

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Not nonsense. How is a business supposed to pay its bills to international suppliers? I have a friend who owns a property in France, uses Chase, and sometimes wires money to their account in France to take care of the bills. If they can't use Chase for this they'll need to use another bank or open up a different account with Chase that allows wires. A pain in the butt.

 

These are all legitimate purposes. If 0.001% of wires are for some sort of crime, you don't deny the service to everyone else. Using that logic they might as well close down the home improvement store down the street from me because a few customers might be buying tools to do a crime.

 

Paying $20/mo instead of $10 (or having an average balance of 50k if you want a free biz account) is peanuts to any significant biz that is doing international wires. Noise level.

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EDIT: guess it was unrelated - letter states doesn't start until Nov 17th

 

Banks and other businesses do implement certain policies on a case-by-case basis before they are officially policy.

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Yawn.

 

JPM-Chase's actual rules on wires.

The bank’s basic business account, Chase Total Business Checking, does not allow outgoing international wire transfers (it does allow them to come in) and cash activity is indeed limited to $50,000 per month. Cash activity means withdrawals and deposits. The account has a $10 monthly fee which is waived with a $1,500 minimum daily balance.

Need to withdraw or deposit more than $50k? You can but you’ll have to pay more in monthly fees to do so.

Upgrade to Chase’s Performance Business Checking and there’s no cash activity limit. Plus, you get two domestic wires transfers per month at no charge and international wires are available for an additional fee. Of course, there’s a $20 monthly fee that’s waived if you can maintain $50,000 balance.

 

 

Infowars retains it's reputation as an impeccable source of BS.

 

http://www.forbes.com/sites/halahtouryalai/2013/10/17/no-jpm-isnt-banning-international-wire-transfers-no-limits-on-withdrawals-either/

 

But it is entertaining BS!

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