So this is well beyond the domain industry and bordering on disastrous if true.
Let me be clear that I’m not a customer of Chase and have no independent verification if any of this is true and lets hope its not.
The Drudge Report has a link to this report on its front page as well but has such widespread impact I figured it would be better if you were aware than unaware.
Infowars.com is reporting, that Chase Bank has notified some of its US Customers that Chase Bank is going to limit cash withdrawals and deposits , and ban business customers from sending international wire transfers after November 17th.
The report goes on to say that Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts) have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle after November 17
The letter reads;
Dear Business Customer,
Starting November 17, 2013:
– You will no longer be able to send international wire transfers. You will still be able to send domestic wires and receive both domestic and international wires. We’ll cancel any international wire transfers, including recurring ones, you scheduled to be sent after this date.
– Your cash activity limit for these accounts(s) will be $50,000 per statement cycle, per account. Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches (including purchases of money orders) and ATMs.
Infowars.com updated their original report with the following:
“””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 They indicated that customers would have to pay a fee on every dollar withdrawn over the limit.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.””
“”Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.””
This site has a copy of letters was were supposedly send to customers which you can see here.