Chase, HSBC & others nationwide Limit Cash Withdrawals, Ban International Wires

makes you wonder why the banks suddenly care - they have been printing (aka loaning) notes out for YEARS to the degree of 10 times what they actually ever receive (deposit multiplication)

What could they be scared of now? People cashing out into other currencies before the "flop" ?

They may be putting these rules into place because more money is leaving these banks, than being deposited. Please see: www.businessweek.com...

The article was published January 23, 2013.

More than $114 billion exited the biggest U.S. banks this month, and nobody’s quite sure why.

The Federal Reserve releases data on the assets and liabilities of commercial banks every Friday. The most current figures, covering the first full week of 2013, show the largest one-week withdrawals since the Sept. 11, 2001, attacks. Even when seasonally adjusted, the level drops to $52.8 billion—still the third-highest amount on record, and one for which bank experts and analysts were reluctant to give a definitive explanation.

People had better wake up. Things could get ugly in a New York minute.

www.abovetopsecret.com...

I had a fried that withdrew $15,000.00 from his savings account at Chase he was charged a fee for withdrawing more than $10,000.00. What the Hell! A fee to get your own money!

GAOTU789
reply to post by TruthxIsxInxThexMist

 

Or maybe their kid is University over seas.

Or they bought a vacation home overseas.

Or bought something crazy off Ebay from overseas.

Or invested in a company overseas.

Or wanted to move money into a bank in a country they plan on visiting for several months.

Or a bunch of legitimate reasons that have nothing to do with extremism or terrorism.

Ok, there are many other reasons but hasn't there been limits on cash withdrawals since ages ago??

Anyways i'm in the UK so it doesn't really affect me personally.

I really dont think you have anything to worry about. If you wanted to transfer $100,000 couldn't you just do it on 2 separate days?

I dont know.

nighthawk1954
I had a fried that withdrew $15,000.00 from his savings account at Chase he was charged a fee for withdrawing more than $10,000.00. What the Hell! A fee to get your own money!

This kind of sucks!

Banks shouldn't charge fee's unless its for over-drawn!

nighthawk1954
I had a fried that withdrew $15,000.00 from his savings account at Chase he was charged a fee for withdrawing more than $10,000.00. What the Hell! A fee to get your own money!

Unless that fee is computed by the bank for the sum of all withdrawals in a day, he should've said "make that two withdrawals of $7,500 each, please!"

I thought the Dodd-Frank Law was supposed to help citizens ?

At least that's what Obama and all the Democrats told us in 2010.

It looks like the Obama, Democrats, and the Left Wing supporters are the proud owners of yet another debacle.

(only 3 Republican Congressmen and 3 Republican Senators voted in favor of Dodd-Frank)

The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173; commonly referred to as Dodd-Frank') was signed into federal law by President Barack Obama on July 21, 2010 at the Ronald Reagan Building in Washington, DC.[1] Passed as a response to the late-2000s recession, it brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression.[2][3][4] It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry.

Dodd-Frank

Myself and the wife had to jump through hoops way back in March of this year just to get our own money out of the bank.
Mind you this was in Canada and this fact might be more alarming because we are supposed to be in great shape financially at the time I posted the thread below.

www.abovetopsecret.com...

We are preparing to jump through the hoops again, If our friends to the South of us go South indeed.
To all members here please, please read the writing on the wall and if you have cash funds get them out now.

I know some posters will say that it is useless because it will be as good as toilet paper if the crap hits the fan.
True enough but you might as well try and see what happens down the road.

The people who yanked their cash out before the crash in Cyprus did very well and lost nothing.

Great thread ....S&F

Regards, Iwinder & YogaGinns

reply to post by TruthxIsxInxThexMist

Why would anyone want to transfer over $50,000 anyway? Unless that person is moving to another Country or has already moved and want to shift their cash into a Bank in that Country.

Why is none of the banks business, their business is supposed to be banking not policing.

Regards, Iwinder

reply to post by gardener


I would just make smaller withdrawls and still get all my money if needed. I had some older neighbors back in the 80s who lived through the depression and would NEVER put their money in a bank as a result. Looks like history might be about to repeat itself. I am personally contemplating taking out my 401k and converting all the cash to gold. Not long now till it all comes crashing down. If only we would have had the guts to do what Iceland did, and arrest the bankers on Wall St instead of the protesters, we would be on our way up and out of this.

Obama met with CHASE on Oct 2, 2013 to discuss the shutdown, and debt limits:



Find it peculiar that the day before, (Oct 1) Federal Credit Unions already permanently ceased all international wires due to new legislation, and that now weeks later Chase, Bank of America are obviously phasing out big withdrawals and overseas transferrs despite the 'business' excuse to start with.

Why now? Why wold people be taking out more money than usual, and why would people businesses be needing to transfer monies overseas than keep them in American bank. Gosh, I wonder why?!?

More than $114 billion exited the biggest U.S. banks this month, and nobody’s quite sure why.

Both retirees and corporations with deep pockets moved their cash to other institutions primarily because the FDIC dropped their coverage from $250,000 to $100,000. Good grief.

I had a fried that withdrew $15,000.00 from his savings account at Chase he was charged a fee for withdrawing more than $10,000.00. What the Hell! A fee to get your own money!

Anyone with a degree in accounting can tell you that it actually costs a bank money to have hard currency on hand. Think about it. Hiring secured armored vehicles to drop off cash every week is not a free service. Secondly, supply and demand. Most banking transactions are all electronic now, and very few people withdraw $15,000 in hard cash in any given day.

We are preparing to jump through the hoops again, If our friends to the South of us go South indeed. To all members here please, please read the writing on the wall and if you have cash funds get them out now.

Great idea! Let's start a run on the banks. No thanks.

Why is none of the banks business, their business is supposed to be banking not policing.

Don't kid yourself. Banks are in business to make a profit. But they also have a fiduciary responsibility to their shareholders and depositors to prevent criminal theft and fraud.

I would just make smaller withdrawls and still get all my money if needed.

The formal term is called "structuring". It's done by drug dealers that try to operate under the radar. Bad idea.

yet.. Confirmed: Chase bank drops the hammer on capital controls; no money allowed to transfer out of USA starting Nov. 17th

Are you serious? The link to Natural News is a joke. Listen, if you are a small business, and you want to bank at Chase, you can still send international wires. You'll just have to upgrade your checking account to a more robust Business Checking Account platform, and if you want the wire fees waived, you need to have significant funds on deposit. Otherwise, no freebies - You have to actually pay for international wires.

Also, the image of the letter referred to Business Savings Accounts. These are not supposed to be used for sending wires! Good golly. Savings Accounts are regulated so that you can only move funds in and out of the account no more than 6 times per month or it's no longer a Savings Account. You send wires through your Checking, not Savings.

Chase is trying to do three (3) things - 1.) Protect its reputation from cash-intensive businesses that are highly likely to be engaged in nefarious criminal activities such as money laundering, sending funds to terrorist rings overseas, etc. and 2.) Boosting its capital reserves by requiring minimum balances to offset maintenance fees as a result of Basel III capital reserve regulations, 3.) Make a profit.

It costs the average bank $300-500+ to maintain a "free" checking account. There are costs involved with Online Banking, ATM Machines, teller windows, and the like. Due to Basel III and Dodd-Frank legislation, the days of freebies are long over.

Basel III is hammering the banks to have more capital in reserves, and Dodd-Frank stripped billions out of credit card processing fees for the banks. Banks are responding to this government intervention by passing on these changes (and losses) to the consumer in the form of higher fees, more restrictive deposit balance requirements, etc. They are also rewarding those clients that consolidate all of their assets and deposits to a single banking institution. This is the trend - The more you have with us (the bank), the less you pay in fees.

Get used to it. It doesn't mean the sky is falling, and it doesn't mean you need to get paranoid or hysterical.

Jesse James, an American hero or just an outlaw bank robber?

signalfire
All it would take is one loud customer yelling, 'WHADDUYA MEAN, I CAN'T HAVE MY MONEY??' and a few texts later, there's an angry line forming...

That's when the bank staff calls the local authorities, and beat you the faq down before you have a chance to even blink. Yea sure your money is still safe and sound in the account, but you won't be.

"Oh no, i can't withdraw my money! Oh well, I'll just take out $10 and buy myself a super-sized meal in he meantime"

The change has already started, and there's not much that Americans can do anymore except sit and behave.

gardener

Yes folks, no exaggeration or fearmongering needed. Doesn't matter what the source, fact is fact.

...

This is indeed the start of US Lockdown: first the banks, then the people!

Ummmm...

.. And another one bites the outgoing international dust.. tomorrow

www.uky.edu...

Oct 25, 2013 - Beginning October 25th, 2013, UKFCU will no longer send outgoing international wire transfers. Due to increased regulations and stringent requirements for international wires, it is in the best interest of our membership to discontinue this service. UKFCU will continue to send, accept and process domestic wires and accept incoming international incoming wires.

and this one haulted OI wires a few days ago:

www.uhcu.org...

Effective October 19, 2013, United Heritage Credit Union will no longer provide wire transfer services to locations outside the United States.

Obviously it's the FEDERAL Credit Unions who started wiping out outgoing international transfers, and the more commercial banks are exploring more discreet, indirect avenues to avoid public alarm (runs).

Interesting. My "friend" who has the news letter said a few weeks ago that the drop in gold prices was deliberate.

It's intention was to drive down the price so the banks could make major purchases at lowered prices.

I don't know if this is true...BUT, if so, then perhaps this has an indirect result of driving those prices back up. After all, if there's a palpable money squeeze, gold becomes, once again, a hot commodity.

Maybe just a side issue...maybe not.

This is one of the major reasons for the recent run-up of crypto-currency, Bitcoin to be exact.

It's is a circus and field day now, but it won't last too much longer, as the world PTB has not really been able to get control of it, but don't think they are not using it.

reply to post by Wrabbit2000


How long have you been a mod, Wrabbit? Yeah, well the problem is that I think people talk about this kind of Greece thing happening here, but don't realize how dangerous of a situation we are really in at the moment.

Look at how the American Government has gone after one group of people, and then another, and then another, just like in Nazi Germany - Arabs, terrorists, whites, men, religious people, Patriots, the Tea Party, the Occupy Movement (although it wasn't affected as much) you get the picture -

We are quickly losing any ground to stand on where it is safe, Wrabbit.

Erm, whilst having my morning cuppa, I had a look around t'internet and noticed a lot of similarities between this and how Argentina collapsed... that was 12 years ago...and they still haven't recovered. What happened there was like living through Armageddon.

Rainbows
Jane