posted on Oct, 23 2013 @ 08:05 PM
There was a thread earlier last week that was debunked regarding these paranoid rants by conspiracy theorists erroneously stating that JPM Chase was
not permitting business owners to send international wires, and restricting access to cash. Both claims are patently false.
Let me explain.
All Chase did was require Business Owners that do want to send International Wires to upgrade their Business Checking Account to a Premium Business
Checking Account and get charged a fee for wires sent internationally. That's it, in a nutshell. Yes, if you are a Business Owner, you can still
send international wires, but you'll actually have to pay for it. Gee, what a concept.
The second claim was in reference to cash deposits and withdrawals. Chase restricted small businesses from withdrawing or depositing any more than
$50,000 in cash in any 30 day period. Why? Because cash-intensive businesses are notoriously associated with criminal activity. Only a tiny
percentage of small businesses are ever going to withdraw or deposit this much cash in any given month, aside from gas stations, convenience stores,
and some grocery stores. What do they have in common? Cash intensive businesses (i.e., money laundering), and Check cashing services --- a high risk
for the bank because check cashing and Western Union are notorious fronts for sending international funds overseas to less than savory individuals.
Basically, Chase was making a legitimate business decision to minimize reputation risk, boost capital by requiring minimum balance requirements, and
limiting risk by pushing out high risk, cash-intensive businesses.
You can read the thread here:
..or in the Search engine look for
the thread called "Outgoing International Wires discontinued."
Forbes debunked this nonsense about a week ago. Please stop the insanity and fear-mongering.