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Effective October 1, 2013 - Call FCU will no longer send outgoing international Wire Transfers.
JP Morgan Chase has announced that they are stopping international wire transfers from private accounts and are limiting account holders to less than $50,000 cash withdrawals. In the past couple of days, HSBC (America) has announced the same basic policies.
Why do I get the feeling we're headed to the Barber's Shop for a little haircut? I believe they call it the Cyprus style?
I never cared for it, myself. I like my hair (and bank account) just like it is. Even if I have far more of the former than I have anything to put in the latter at the moment. Principle of the thing, eh?
I think I hear the 'shwing shwing' of the barber sharpening his tools somewhere as we speak.
reply to post by gardener
Very interesting , terrible for my husband though , he receives his pension which in put through the banks and they transfer it to Australia
This is worse than a run on the banks!
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.