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 They indicated that customers would have to pay a fee on every dollar withdrawn over the limit.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.
I do some of my business banking with Chase. I have not received any notice of the sort. Just from looking at the way the letter is written, it does not seem legitimate to me. I also can not imagine my bank limiting the amount of money I deposit. That would be worse for them than it would be for their customers.
Evan
It can be interpreted several ways even to try to move customers to more expensive other type of accounts or can be completely false
Signed up for a Chase Business account yesterday and was told that international wires weren’t available for the smaller Business account packages.
I also felt uncomfortable when being interrogated about my finances and operations by the rep.
Stating that I did make some cash deposits was a “red flag” to them. Screw that.
Chase has confirmed the letter. It is authentic.
Infowars, Mike? Seriously? If they reported the sky was blue, I’d go outside to check.
Alex Jones called and he wants his tin hat back, Mike.
A domainer who has his business account at Chase just sent me a copy of the letter he received as well, same deal
Seems to strange to be real but
You guys that are bashing Mike over the source of this are going to be eating crow over the next few weeks as this is confirmed.
Its not about the Fed debt ceiling or the US budget, it is about Chase trying to force existing customers into more expensive products, pure and simple.
You’ll see…
Toonz, I’m not “bashing” anyone. For all I know, Mike doesn’t know that Alex Jones is a purveyor of pure tinfoil hat shite.
If Chase is changing its account and product structure, that’s basically a non-news item.
Yeah, at my bank, I can’t initiate foreign wires without physically going to my branch office, unless I pay an additional $200 a month for some other sort of account.
But this essentially non-story on Chase changing its service tiers is being pimped by the goldbug and tinfoil hat crowd as a prelude to some sort of Cypriot-scale currency impoundment.
But when “news” breaks at places like Infowars, who can’t figure out if airplanes were involved in 9/11, or WND, who can’t figure out where the president was born, then I’ll take the personal shame of believing that what they are reporting is exaggerated, incomplete, or otherwise alarmist nonsense.
Alex Jones peddles brain poison to a susceptible audience. Of course! One of the countries’ largest financial institutions has locked down US currency and the “lamestream media” is involved in covering up so that people won’t know the TRUTH and panic.
It’s his schtick.
And, yeah, looking at the posted letter, it refers to changes to the service package offered with two products – “Chase BusinessSelect Checking” and “Chase BusinessClassic Checking”.
This is as big a financial story as “Bank Of America Changes Carpet Color In Lobby”.
Probably a rumor started by a competitor looking into scaring people to switching banks with all the news about the feds taking Chase down:
http://slant.investorplace.com/2013/09/jpm-jp-morgan-chase-settlement-dimon/
and this: http://247wallst.com/banking-finance/2013/09/26/j-p-morgan-fines-and-settlements-getting-too-big-to-ignore-earnings-and-c-suite-woes-next/
Just to be clear… I’m not touting Alex Jones.
Even a broken clock is right twice a day, that’s true… but that guy takes it way out there… lol
Changing their carpet color is one thing… telling customers they can’t do more than $25k/mo in cash transactions and/or send money out of the country is a little more than that.
The really big irony of this move? They will try to claim it is to “curb illegal transactions”… like Chase’s own transactions are legit!
Also this might have something to do with it
http://m.us.wsj.com/articles/a/SB10001424052702303680404579139280814723054?mg=reno64-wsj
Wow! I don’t know which is worse, the Alex Jones believers or the folks who frequent this website. From these comments, I would guess many of these “commentators” supported the so-called Occupy protesters. These people are a thousand times more nutty and dangerous than the Alex Jones followers!
Seems like third world banking standards to me.
John Garrett
“And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.” Ezekiel 25:17
Could be something or nothing but a report says HSBC has joined the party:
http://www.economicpolicyjournal.com/2013/10/shock-hsbc-usa-joins-chase-in-limiting.html
A “report” from another edition of the Crazytown Daily News, that is. Be sure to catch their interview with Jesse Ventura on who killed Kennedy, and their video of Lew Rockwell on why defaulting on Treasury debt is a good thing.
“Changing their carpet color is one thing… telling customers they can’t do more than $25k/mo in cash transactions and/or send money out of the country is a little more than that.”
Toonz, I would agree with you that it would be news if Chase was telling all their customers that.
Chase has apparently changed the services offered through certain types of checking accounts. The Conspiracy Media Complex picked it up in order to tout their usual bag of woo.
Forbes is “in on the conspiracy”:
http://www.forbes.com/sites/halahtouryalai/2013/10/17/no-jpm-isnt-banning-international-wire-transfers-no-limits-on-withdrawals-either/
No, JPM Isn’t Banning International Wire Transfers, No Limits On Withdrawals
Is JPMorgan Chase trying to control customers’ money by preventing wire transfers and limiting withdrawals?
That’s the fear after a couple of reports from Drudge and Zero Hedge noted a change in the bank’s withdrawal and wire transfer policies for small business checking accounts.
Chase says the fear is unfounded.
[…]
It looks like theses changes are more about Chase looking to generate more revenue from fees than an attempt to control capital.
———
So, okay, I can believe Forbes or I can believe a smattering of Paulista bloggers and Alex Jones. Hmmm…. tough decision there.
“Even a broken clock is right twice a day, that’s true… but that guy takes it way out there… lol”
The only thing on his clock that works is the cuckoo.
From the Forbes article:
“The bank’s basic business account, Chase Total Business Checking, does not allow outgoing international wire transfers (it does allow them to come in) and cash activity is indeed limited to $50,000 per month. ”
So they did introduce those limits but only for one type of account. If they did that for all accounts they would cease being a bank and would become a piggy bank.
Funny how they still allow incoming international transfers lol. Limiting those would be as ridiculous imo