Posted on 10/16/2013 4:08:57 PM PDT by grumpygresh
In a bizarre and unexpected move, Chase is notifying customers that after November 17th the bank will ban all international wire transfers and place limits on the amount of transfer activity that can occur within a billing cycle. Chase claims this new policy is coming in to play to minimize risks.
The letter being sent to customers says the following.
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 reccurring 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. These changes will help us more effectively manage the risks involved with these types of transactions.
Many Chase customers are confirming the letters are legitimate and coming through the mail.
Is it possible Chase is sincerely trying to make better business decisions and minimize risk? I suppose. But Chase is a very large financial entity with very large business clientele. Placing these kinds of limitations on businesses could kneecap the U.S. economy and freeze commerce.
Which leads me to believe it’s also possible Chase knows of other potential financial shifts that could increase risks for high dollar transfers.
Remember: it’s no longer your money. The Zero King wants to be able to pull your funds and impoverish you whenever he deems it necessary.
This is true. Spoke to my Dad earlier today who has a corporate account with Chase. He received the same notice.
I spent the majority of my life in banking and this is major.
Goodbye structured finance transactions.
Thanks for posting that, I tried earlier to post that but I used info wars and was rejected.
I fear this action will spread to other banks and it’s possible we could start looking like Greece.
Explain please????
Wow...this is big news if it is real.
Unbelievable.
How will a company like Microsoft or General Motors or anyone of any size deeal with this???
What the He ^^ is going on?
I have Chase credit cards & have had them for years. Now that I am retired & have very little income, I am loathe to try & go to another bank for credit cards. Now, I feel like a prisoner!
Communist revolution.
“Thanks for posting that, I tried earlier to post that but I used info wars and was rejected.”
Funny, because the LibertyNews.com article is from Paul Watson @ infowars.com Weird, huh?
What exactly is ‘cash activity’? Is that only in FRNs?
I have a credit union Visa card. No fees. No interest because I keep it paid off. No hassle.
This nation is in Debtor's Prison, which we all thought impossible.
Paul Watson @ infowars.com
++++++
I know but the poster of this article must have found a work around or maybe just it matters who the poster is.
“How will a company like Microsoft or General Motors or anyone of any size deeal with this???”
They, my friend, will be exempt. Now, if your company is not favored by the administration, or your company is mid size or small, you’re SOL. See my tag line.
Not a peep about this apart from non-news websites. Anyone have a link to Chase’ website, or a scan of an actual letter showing this?
Chase today ... ??? tomorrow. It’s irrelevant if there is a workaround today ... it’s tomorrow and into the future that counts. This is huge!
“The US government, in one form or another, is a counterparty to every single financial player in the world. Its payments have to be certain, or else the whole house of cards risks collapsing — starting with the multi-trillion-dollar interest-rate derivatives market, and moving rapidly from there.”
Waivers, just like in "health care."
If you grovel before HomObama, your chances of obtaining one are enhanced.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.