Report: JPMorgan Chase Bans Storage of Cash in its Safety Deposit Boxes

Some JPMorgan Chase customers are receiving letters informing them
that the bank will no longer allow cash to be stored in safety deposit boxes.

investmentwatchblog.com... -deposit-boxes/

In an UNLAWFUL ACT with incredibly huge implications, one of America’s largest banks, JP Morgan/CHASE has adopted a new policy which FORBIDS PAYING CASH as payment of credit card, mortgage and other debts! Quite simply, this policy appears to violate the Uniform Commercial Code which holds that if a person attempts to use legal tender in payment of a debt, and the legal tender is refused, the debt is “discharged.” (See UCC § 3-603 (b))

Even more unusual, the same bank sent an Amendment to Lease Terms letter to all their customers with Safety Deposit Boxes, instructing them that it is no longer permissible for customers to store CASH OR COINS in safety deposit boxes unless they are “Collectibles.”

The fact that one of the largest banks in America is now refusing to accept American DOLLARS as payment of debts is extraordinary!

www.economicpolicyjournal.com...

How would the bank know what I am putting in my box?
I go into a private booth when I put items into my box.
Does the bank have cameras in those private booths?

a reply to: wasaka

Everybody has been talking about this for a long time, the smooth transition into a completely cashless society.

You can't monitor people with hard cash, but you can with a debit or credit card. You can even 'guess' at what they're going to do with the money with a fancy algorithm, especially if you're super creepy and collect all their spending data, you know, to protect us from terrorists and all that.

What's worse about this is, what are they going to transition IN to? It wont be dollars, it can't be. Super interesting but super telling at the same time. Maybe chase is just sick of having so much paper to wipe their gold plated asses with? Who knows!

I worked for a bank for 15+ years and I can say from experience that NOTHING a bank does is ever for the benefit of their customers. Every action they take is to create more wealth for themselves. Whatever is behind this move I guarantee it is bad for the rest of us.

This reminds me, I went to deposit cash into my mothers account as she was out of state at the time due to her mothers funeral. I got back from the same state and she asked me to deposit cash into her account. They did not know I was not my mom since I had a deposit slip with me. They made me go get a money order instead.

originally posted by: Joneselius
a reply to: wasaka

Everybody has been talking about this for a long time, the smooth transition into a completely cashless society.

Cashless society, or preliminary measure to facilitate a haircut and devaluation of the dollar prior to moving to a new national currency? Think about it, the mechanism to prevent physical cash from being used to pay debts would be less obvious the sooner it occurs prior to a devaluation and the almost certain recapitalization of all bank-held debts into a new currency.

I've always wondered how that would work with any fixed rate loan or mortgage. If you owe 25,000 DOLLARS on a loan that was issued to you in DOLLARS, and suddenly the value of the dollar plummets, what happens there? I guarantee banks won't take it in the rear when hyperinflation kicks in, but neither can they simply state "OK, the dollar is worth $0.10, so you now owe us 10x what you owed us several months ago" because a fixed rate insures against that crap. The only mechanism available to those banks would be to accept only a new currency and force an exchange of dollars to the new currency prior to accepting payments for said loan.

That process becomes a lot easier to pull off if all America's money is electronic instead of physical.

a reply to: Metallicus
So do they have cameras in the rooms? Can they open your box and check?

I don't know that THEY can necessarily open the box.
My agreement reads that if a key is lost it cost $XX for a locksmith.

If they had a way to access without my key other than the locksmith, that wouldn't be necessary.
Although, I would safely say that they, or the police, or the government would gladly pay for it if they wanted in there bad enough...

originally posted by: StoutBroux
a reply to: Metallicus
So do they have cameras in the rooms? Can they open your box and check?

Not that I am aware of, but things have gotten worse since I left so I wouldn't put anything past them.

a reply to: wasaka

Take a look at Greece!

Putin just stepped in to bail them out from the bankers!

Think he didn't piss some globalists off with that move?

The fact that a bank makes it against the rules to deposit cash, Putin steps in to bail out Greece?

Buckle up cupcakes!

originally posted by: StoutBroux
a reply to: Metallicus
So do they have cameras in the rooms? Can they open your box and check?

There are no cameras when I worked for those clowns at Bank of America. But, the bank or law enforcement CAN easily drill the keyholes of the safety box in a forced entry suspicion by court order. I've seen it done many times.

Better solution is to buy at least a 300lb safe and drill it into the foundation of your house. Good investment IMO.

It's probably a two edged move. In the first instance of cash, it makes them look good against money laundering, but there's nothing to say why not if a depositor should declare having a record of any banknotes. all the rest bullion, jewellry, artifacts are pretty much up for grabs should they be stolen, and may never be traced.
As for refusing cash in payment, what's the difference in providence, another bank account, or their own?

Just a thought but I wonder if they suspect or can "prove" you store cash, it would void your contract with them?

Since the contract is void, would they then have a right to go into your box?

You broke your agreement not to store cash so they get to break their agreement not to look in your box?

"Legal Tender"?

In an UNLAWFUL ACT with incredibly huge implications, one of America’s largest banks, JP Morgan/CHASE has adopted a new policy which FORBIDS PAYING CASH as payment of credit card, mortgage and other debts! Quite simply, this policy appears to violate the Uniform Commercial Code which holds that if a person attempts to use legal tender in payment of a debt, and the legal tender is refused, the debt is “discharged.” (See UCC § 3-603 (b))

If they are breaking the law with this new policy, can we expect the government to stop their criminal activities and force them to accept cash?

Is this a case of "too big to fail" now becoming "too big to obey the law" and "too big to prosecute"?

a reply to: wasaka

This is a HUGE story and should be on the front page of ATS and every paper and newscast across the country....It is time to say enough.....Stop baking with these scum bags. Let them go bankrupt......OH CRAP they can not go bankrupt anymore.




When the American people finally figure out the cold hard truth these bankers are going to serve long prison terms. Change is coming and the American people are waking up faster then they can change the game.

Delete

I've seen it done. At BofA they have to let the owner of the box know it was rekeyed so they use the excuse that it was damaged while servicing another box in close proximity. I've been the key keeper, I've been the one calling for rekeying, I was the one following orders from my superiors.

I wouldn't put my valuables in one of those boxes again.
a reply to: solarstorm

originally posted by: Metallicus
I worked for a bank for 15+ years and I can say from experience that NOTHING a bank does is ever for the benefit of their customers. Every action they take is to create more wealth for themselves. Whatever is behind this move I guarantee it is bad for the rest of us.

You are absolutely right

It is Astounding how many people don't recognize this simple fact

maybe too many people are holding the cash instead of trusting the bank to hold it for them through deposits and well the bank is strapped for cash? so they are trying to force the people to deposit the cash. after all once it's in the deposits you are just another creditor to the bank and well anything outside of what fdic insures gets to stand in line with the other creditors if the bank goes belly up.

originally posted by: wasaka

In an UNLAWFUL ACT with incredibly huge implications, one of America’s largest banks, JP Morgan/CHASE has adopted a new policy which FORBIDS PAYING CASH as payment of credit card, mortgage and other debts! Quite simply, this policy appears to violate the Uniform Commercial Code which holds that if a person attempts to use legal tender in payment of a debt, and the legal tender is refused, the debt is “discharged.” (See UCC § 3-603 (b))

Forget the boxes, go to pay off your credit card bills with cash, get refused, get it in writing, then have the debt discharged.