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Chase is the largest bank in the US.
I instinctually find this very disturbing.
Last week at one of my jobs we received a notice of term changes on our business checking accounts from Chase. Not unusual - I look through them and file them without much to do.
We will no longer (not that this particular company ever did) be able to make any, any outgoing international wire transfers of any amount whatsoever. Domestic wires in and out are still okay, incoming international wires are still okay.
Has this changed with other banks as well?
Does this bother anyone else?
I've had clients that had to make loan payments overseas by wire or even send money to family. This is a real roadblock as I see it.
It makes me very uncomfortable. Anyone know anything more about this - anyone in the Banking industry or at Chase. Is it only small business checking accounts or?
Are we talking a national bank here, or the small bank from "It's a wonderful life" ?
There's more to the story. But without it, there's little use in conjecture.
Most of those transfers are done by correspondent banking or clearinghouse transactions, no? In other words banks hold accounts at other banks and they just credit or debit each other's accounts, or a clearinghouse moves money around.
reply to post by SadistNocturne
Time to get into Bitcoin
and the net gets shut down, what do you do then?
I recommend buying food and water, stuff that you need to survive.
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.
reply to post by VforVendettea
Please explain. How does this directly affect Mexico?
The Mexican citizens cross our border illegally. Some of them find work, and many of them send their earnings back to Mexico. Those earnings have added up to nearly $17 billion in the past year. Remittances, as they're called, are expected to become Mexico's primary source of income this year, surpassing the amount of money that Mexico makes on oil exports for the first time ever.
October 16, 2013
UPDATE: Chase Bank confirmed to Infowars that all business account holders were being subjected to these new regulations. They indicated that customers would have to pay a fee on every dollar withdrawn over the limit. Given that even a relatively small grocery store or restaurant is likely to turnover more than $50k a month in cash payments, this appears to be part of a wider move to shut down businesses who mainly deal in cash. Chase told us customers would have to upgrade to much more expensive accounts to avoid the capital controls, meaning larger corporations will not be affected. The bottom line is that banks think your money is their money and will do everything in their power to prevent you from withdrawing it in large quantities.
reply to post by FyreByrd
This story has been picked up by Drudge Report. Unfortunately, the link there leads to infowars, however there is a scan of a letter from Chase (supposedly) which ALSO states withdraws are going to be limited. To 50k, which is a rather large limit to normal folks, BUT STILL.
Here is the link: infowars.
Thanks for starting this thread when you did and giving us all a heads up.
The number of businesses that withdraws and/or deposits $50,000 in cash in any given month is about .001% of all small businesses. So the real impact is minimal.
Please - Everyone stop the insanity. Good grief.
The conditions in the letter, as the copy of the letter shown in the Info Wars article shows, states quite clearly that you can send wires internationally at any local retail Chase bank branch.
They are restricting Business Savings Accounts from sending International Wires, which makes perfect sense. A Savings account is supposed to have - by regulatory standards - minimal activity in the account, with no more than roughly 6 transfers out of the account in any given month. That is why they call it a Savings Account - Hello?
A Business Savings Account is not a Business Checking Account. There is nothing in the letter that states that you cannot send international wires from a Business Checking Account that doesn't pay interest.
You are wrong - the letters I recieved were for Business Checking accounts.
"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."
We don't bank with Chase, but a $50,000 limit on deposits/withdrawals would crush us. We buy and sell farm and construction equipment. Every month we buy at least one truck or tractor for well over $50,000 CASH.
The incentive for us to use cash is that many farmers and construction companies want cash and will sell cheaper to cash buyers. Evidently, those banking with Chase will need to store large amounts of cash in house or with a separate bank.
I guess we are part of your .001%; but I would think most medium size businesses withdrawal more than $50,000 every 30 days; especially those businesses (though rare but they still do exist believe it or not) that pay their employees in CASH.