View Full Version : Watch Your Savings/Checking $! "Chase Bank Limits Cash Transactions & Wire Tranfers"
Saw this link on Drudge... Cyprus anyone? Great Depression era runs on the bank anyone? Scary the true level of power wielded behind the scenes - Chase have some sort of inside info? Hmmm.
"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."
Another letter (PDF) received by Peak to Peak Charter School, an Elementary School in Colorado, states that the option to send both international and domestic wire transfers has been withdrawn from Chase business savings account holders.
http://static.prisonplanet.com/p/images/october2013/161013letter1.jpg
http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/
BUSINESS ACCOUNTS...
That particular type of business account has changed. Every other account has stayed the same. I have my business accounts with Chase, and my banker reached out to me ahead of time. This is nothing more than reactionary news designed to freak people out. In actuality, the "lowest tier" business accounts won't have international wires, and will have transaction limitations. If you ask anyone who has a business account, they'll tell you that the limits are pretty common. It's because cash processing costs money, so in order to offer a free account they cap it. Keeping their costs down keeps your costs down...
Simple stuff really. I have no idea why it's on Drudge.
ForTehNguyen
10-16-13, 17:19
how soon will they put restrictions on personal accounts
They won't... This is nothing more than the tin foil hat crowd trying to find something that isn't there. They have like six types of business account (I have two different types for different transactions) and one of the six is changing. The other five are staying the same.
Honestly, this is like a single AR from a manufacturer not having a forward assist and it being reacted to as "THEYRE GETTING RID OF FORWARD ASSISTS ON ALL CARBINES!!!"
FFS, this is InfoWars.com, a place known for screaming the sky is falling. They also have a story on their main page about the upcoming economic collapse at Ft. Hood...
platoonDaddy
10-17-13, 03:13
I think it may just be a test. Chase is setting up procedures for the future bank failure. I know the crash in 2008 Gerald Celente went to close his account and the bank refused. He eventually got it closed out.
Get some money out of the bank. If you do not want to invest in physical Gold or Silver, just withdraw some and keep it locked up. You are not earning any interest anyway. They did it to people in Cyprus.
They only have about 250 billion in assets at FDIC and the potentially liability to cover the account insurance is almost 10 trillion.
As my friend said "doesn't add up, get it!"
They won't... This is nothing more than the tin foil hat crowd trying to find something that isn't there. They have like six types of business account (I have two different types for different transactions) and one of the six is changing. The other five are staying the same.
Mm Ok? Just a coincidence that Chase implements this policy with a possible economic default on the horizon (note they implemented this October 9th)? As platoonDaddy mentioned, the FDIC has NO WHERE near enough to cover what is supposed to be insured. However, feel free to carry on...
https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcT8TpjCi5gYAu8eK8P1eWB-QjsbqHOxwzibG_fcl0LzXAjQYDkCrA
Honestly, this is like a single AR from a manufacturer not having a forward assist and it being reacted to as "THEYRE GETTING RID OF FORWARD ASSISTS ON ALL CARBINES!!!"
Actually, it would be like if Colt suddenly dropped the FA on military M4s - since JP Chase is the 3rd largest bank by deposits (source http://www.dailyfinance.com/2013/10/02/10-biggest-banks-by-deposits/ )
http://g.foolcdn.com/editorial/images/74876/10022013-banks-by-deposits_large.PNG
FFS, this is InfoWars.com, a place known for screaming the sky is falling. They also have a story on their main page about the upcoming economic collapse at Ft. Hood...
And the story is also covered on numerous other web sources if you'd care to look.
Good luck.
SomeOtherGuy
10-17-13, 10:57
I see two interpretations - and I deal with international financial and tax issues at my day job:
A: This is nothing really special. On the wire transfer side, there is a portion of the "Foreign Account Tax Compliance Act" (FATCA) which was to go into effect at 1/1/14 (now postponed to 7/1/14) which will impose a 30% withholding tax on payments to foreign persons and institutions in many cases, if the foreign person doesn't have either a tax agreement with the IRS or a valid withholding certificate on file with the payor. English: there are additional hassles for sending money outside the US, which Chase may not want to deal with on basic business accounts.
On the cash side, all I can figure is that Chase doesn't want to deal with large volumes of cash, at least not in whatever type of account this person had. Chase is a huge commercial bank and is NOT known for being friendly or generous to little-guy type customers.
That is the no-tinfoil, nothing to see here explanation.
B: Despite the explanation above, these provisions would also make sense if the bank was preparing for currency controls, panics, financial chaos, etc.
I suspect that both A and B apply.
I see two interpretations - and I deal with international financial and tax issues at my day job:
A: This is nothing really special. On the wire transfer side, there is a portion of the "Foreign Account Tax Compliance Act" (FATCA) which was to go into effect at 1/1/14 (now postponed to 7/1/14) which will impose a 30% withholding tax on payments to foreign persons and institutions in many cases, if the foreign person doesn't have either a tax agreement with the IRS or a valid withholding certificate on file with the payor. English: there are additional hassles for sending money outside the US, which Chase may not want to deal with on basic business accounts.
On the cash side, all I can figure is that Chase doesn't want to deal with large volumes of cash, at least not in whatever type of account this person had. Chase is a huge commercial bank and is NOT known for being friendly or generous to little-guy type customers.
That is the no-tinfoil, nothing to see here explanation.
B: Despite the explanation above, these provisions would also make sense if the bank was preparing for currency controls, panics, financial chaos, etc.
I suspect that both A and B apply.
Thank you - good interpretation I believe.
As mentioned in one of the articles concerning the issue, they stated Chase would not be willing to implement such controls without some certainty that the other large financial institutions would also follow suit. Good time to be aware of this possibility, research your various financial institutes policies and react/prepare accordingly.
Actually cinco, my banker called me about this over a month ago… I didn't think of it as a big deal. At all. I guess that just comes with running a business. Changes that don't really effect me don't get my underwear in a bunch...
It's a change to a SINGLE TYPE OF BUSINESS ACCOUNT (and really, an account designed only for smaller businesses) with all other accounts remaining the same. This is an account I use to house operating funds to pay for my software company's web services and technology expenses. This isn't Colt dropping the FA on M4s, its the S&W M&P Sport not having one. All other accounts, business and personal, still have the ability to do the same wires. I know, I have the other accounts.
As for their deposit base, so what? That's all personal and business accounts. Including all of those accounts with no change in their features and benefits. Accounts where the money can head right out. Even if the restriction were on all accounts, it's marginally more than ten percent market share. Is there some restriction about walking in and taking one's business elsewhere? I didn't see it in the letter…
Last but not least, InfoWars broke the story and other networks generally reposted with credit or simply retyped the same info.
I'll just leave this here for you:
http://www.absolutely-unbelievable.com/wp-content/uploads/2011/03/tin-foil-hat.jpg
The tin foil hat name calling shit the bed when the NSA spying, $17T deficit, 2008-present bailouts and quantitative easing happened.
So stop. It's complete BS that folks can still have an "it can't happen" attitude and be somehow smug about it. Because when shit does happen everyone shouting 'tin foil hat' seem to all shut the hell up.
From the banks perspective, there is very little downside and it covers their bases no matter the scenario, either nothing to see here, or tin foil hat points of view. I might be more concerned if this were some type of a test bed that could potentially roll into other types of accounts.
For most people with normal personal accounts, having large sums of cash in the bank is IMO not a good idea anyway.
The tin foil hat name calling shit the bed when the NSA spying
Government Program
$17T deficit
Government again
2008-present bailouts
There's the government again
quantitative easing
One could argue that the Fed is independent, but we all know this is a government backed program.
So stop.
No
It's complete BS that folks can still have an "it can't happen" attitude and be somehow smug about it. Because when shit does happen everyone shouting 'tin foil hat' seem to all shut the hell up.
And when the aliens don't bring back Elvis, the people in the tin foil hats just roll onto "well it hasn't happened yet." You're comparing the actions of the government to the actions of a private company. This is no more a big deal than that "Bank of America is going to charge $5 for debit cards," story that was a real policy which was dumped due to its massive unpopularity with customers. I'm sure if enough people complain, this PRIVATE COMPANY will have to change it's policy to keep customers happy. It's not like there isn't choice available in that market. What will more than likely be the outcome is that a majority of small business owners with the account don't do $50K a month in cash (not credit/checks/transfers, only physical currency) transactions, and don't need to send international wire transfers. On the off chance they do need the occasional wire or have a good cash month, they probably have additional accounts of other types. Should they not, I know the cash thing just leads to a service charge. The wire issue can be resolved by changing the type of account. I had to do this when I moved some money last year and changed an account from a standard checking to one of their higher tier ones. Click of the mouse and my account was the new "type" with nothing changing on my end. Same debit cards, number, etc...
The fact of the matter here is that people have been conditioned to somehow think of banks as "evil" when they're just a private company trying to provide the best possible return to their shareholders. If you think of it from a fiduciary standpoint, this is a measure to save money for them. Somehow has to count that fifty grand a month, and the people at my local bank all seem to have nice cars. That's indicative of a job that pays well... Do they want to pay that person more to count loose cash, or do they want to encourage electronic or check payments?
You can be frustrated because you "see the writing on the wall" while the rest of us apparently don't, or you can realize that it's not there. The media has all but dropped this story because it's a non-issue. I don't know about other business owners, but I have no plan on moving my business elsewhere. My bank has taken care of me. Why would I switch? A fee for a transaction I don't do, and the inability to transfer money only in a manner that I don't transfer it? I don't do business with PayPal because of their anti-gun policy... I'm shocked people on here still do. Doesn't mean that everyone agrees with me. Doesn't mean that all money transfer services are anti gun... Just one private business and their practices.
Always a joy to watch the upticks in Compulsive Narrative Syndrome pop up, wave sparklers around and distract folks from the real, substantive, immediate problems by shoving a thin, showy, immaterial one to the forefront.
The tinfoilers do a far better job than any gov't agency conspiracy, when it comes to screaming "Lookit the monkey!!!," while an associate of theirs is picking your pocket.
And yes.....tinfoilers. NSA, et al, neither validated nor invalidated what any whackadoo has to say about anything., because NSA, et al, is REAL due to the fact that those breaking that story did what the tinfoilers NEVER do, which is provide perspective.
That's not going to stop the tinfoilers from pointing to NSA, et al, as "proof" of whatever their pet whackadoo theory happens to be. Public schools, and their version of logic/rhetoric.....
So, no, DON'T stop calling tinfoilers what they are, partially because it's the right thing to do, and partially because Javelin doesn't get to tell anybody what to or not to do on somebody else's turf.
Glenn Beck does a better job of fact-checking and providing even-handed perspective to information than freakin Infowars.....and Glenn Beck's an utter shitbag who barely fact-checks.
Before anybody else puts on their BossyPants, take a moment to spank it to your "The Truth Is Out There" poster, and remember that you ain't the ones with all the extra browser buttons that can completely remove your choice to shut the hell up or not.
Wanna talk financials, and what effects changes to umptysquat account may or may not have, micro/macro....go nuts. We get armadillo-helmet-wearers crawling out of the spaces between the cabinets, nuts will start getting stomped.
All right. I considered this before posting and almost just let it go. However, when others want to attack with insults, I believe they deserve a response.
^ Are you okay? Seriously - reread your post, it's almost incoherent.
I'm always amused/dismayed how some here immediately go full throttle raving mad when anything they consider "tin-foil hat" is discussed. Especially when these responses come from those considered "professional". Remember, being "professional" also holds a certain amount of "class" is involved too.
We all know your perspective as you guys get so pissed and hurl insults. When something challenges your personal view you shut down to your narrow viewpoint. The attitude of superiority comes across as an inflated ego issue.
I tend to question someone's ability to think critically if one is unwilling to consider all perspectives on an issue. Because one is willing to evaluate as many angles as possible does not make them "tin-foil crazy". The issue raised was "beware of possible changes coming to your accounts considering the unsustainable economic issues combined with government default". Nothing paranoid there. Another piece to consider when evaluating the much larger and forthcoming MAJOR issues our country faces.
Now if Stormin would have come in and added his data set about his accounts and experiences - without the rants - that would have been perfect. I was hoping others would chime in with their banking information to form a better picture on what may become a major issue with our personal and business money.
And get over the whole Info Wars/Glenn Beck issues you have. Everyone gets their viewpoint. People are capable of taking in information, filtering and evaluating - regardless of the source.
Why is it NOT possible for Stormin and JSantoro to have a respectful discussion? IMO an issue of character development is the ability to retain some class when confronted with an opposing viewpoint - rather than immediate egotistical (apparant) snarks. I have not attacked anyone here with emotional responses. If I have an issue with someone's viewpoint, lets discuss and I hope to take away a new perspective/information I did not have before.
Consider this post a response in advance to any follow-alongs you gents may post.
Always a joy to watch the upticks in Compulsive Narrative Syndrome pop up, wave sparklers around and distract folks from the real, substantive, immediate problems by shoving a thin, showy, immaterial one to the forefront.
The tinfoilers do a far better job than any gov't agency conspiracy, when it comes to screaming "Lookit the monkey!!!," while an associate of theirs is picking your pocket.
And yes.....tinfoilers. NSA, et al, neither validated nor invalidated what any whackadoo has to say about anything., because NSA, et al, is REAL due to the fact that those breaking that story did what the tinfoilers NEVER do, which is provide perspective.
That's not going to stop the tinfoilers from pointing to NSA, et al, as "proof" of whatever their pet whackadoo theory happens to be. Public schools, and their version of logic/rhetoric.....
So, no, DON'T stop calling tinfoilers what they are, partially because it's the right thing to do, and partially because Javelin doesn't get to tell anybody what to or not to do on somebody else's turf.
Glenn Beck does a better job of fact-checking and providing even-handed perspective to information than freakin Infowars.....and Glenn Beck's an utter shitbag who barely fact-checks.
Before anybody else puts on their BossyPants, take a moment to spank it to your "The Truth Is Out There" poster, and remember that you ain't the ones with all the extra browser buttons that can completely remove your choice to shut the hell up or not.
Wanna talk financials, and what effects changes to umptysquat account may or may not have, micro/macro....go nuts. We get armadillo-helmet-wearers crawling out of the spaces between the cabinets, nuts will start getting stomped.
I am not taking sides. You and I don't click and quite frankly I'm perfectly fine with that.
I do not consider myself an "Armadillo helmet wearer" crawling out out anything. I am not the end all be all or but I consider myself average and possess a degree in Business and after the Army I worked as a portfolio manager for a financial institution and later a bank so I am inclined to draw off of my life experiences. I'm just done with these tinfoil hat name calling is ridiculous as I am not going to stoop to that level and generalization of tort remarks as they are demeaning and rude.
I will bow out of this thread. But I stand by my point. You can have your turf.
Now if Stormin would have come in and added his data set about his accounts and experiences - without the rants - that would have been perfect. I was hoping others would chime in with their banking information to form a better picture on what may become a major issue with our personal and business money.
Read my first post in the thread... Here, you don't even need to scroll up...
That particular type of business account has changed. Every other account has stayed the same. I have my business accounts with Chase, and my banker reached out to me ahead of time. This is nothing more than reactionary news designed to freak people out. In actuality, the "lowest tier" business accounts won't have international wires, and will have transaction limitations. If you ask anyone who has a business account, they'll tell you that the limits are pretty common. It's because cash processing costs money, so in order to offer a free account they cap it. Keeping their costs down keeps your costs down...
Simple stuff really...
You post a title pretty much accusing a bank of taking its customers funds; "Watch Your Savings/Checking $!" and you have the audacity to act as though you weren't being sensationalist?
Why is it NOT possible for Stormin and JSantoro to have a respectful discussion?
Oh, someone posted with your account letting me know they felt my head was in the sand. That or you're a complete hypocrite.
Read my first post in the thread... Here, you don't even need to scroll up...
Which started right off with the "tin-foil" cracks. Otherwise, I appreciate the good insight you offered.
You post a title pretty much accusing a bank of taking its customers funds; "Watch Your Savings/Checking $!" and you have the audacity to act as though you weren't being sensationalist?
Sensationalist - no. Being concerned/alarmed - yes. Your interpretation of the title - your entitled.
My view is more that one should be aware that cash limitations may be coming to your accounts. The fractional reserves (digital quantities/not physical cash) held by banks vastly outnumber the banks actual "cash on hand or vault cash". This has been the case for quite some time, it's just things are coming to a head (IMO). Obviously, if a bank has only a small portion of all depositors cash on hand and there were to be any sort of trigger/panic and a run on the bank - they would be unable to meet the demand as their cash is tied up in other loans/investments. If I knew (as the bank) I was overextended (fractional reserves vs. "vault cash") - and concerned about an economic crisis - and unable to meet depositors demands, I would begin implementation of policies such as Chase - bit by bit. If, I (as the bank) did not have the interests of my customers first, I would first try and secure my interests. This is not isolated to simply banks, banks are not all evil - people and their actions can be evil.
Or, I concede, it could be nothing. Just considering as many possibilities concerning my financial security.
Oh, someone posted with your account letting me know they felt my head was in the sand. That or you're a complete hypocrite.
I apologize. Not meant as a direct insult, believe it or not. Just a visual depicting you should consider other perspectives. In hind sight, I see your point and I am sincere in my apology. How about you? I'd like to get past this and have productive discussion here on out.
The_War_Wagon
10-19-13, 11:39
GOOD thing the 6th ANNUAL "Summer of... 'Recovery'... :rolleyes: " has worked out so well. EVEN playing with house money & a rigged stockmarket, while the Fed & the Treasury Dept. wink-wink-nudge-nudge the economy along, the banks KEEP losing money. Color ME shocked...
If you put the Federal Reserve (a cabal of big banksters, like the CEO of Chase) in charge of the Sahara Desert, for the first 75 years, there'd be absolutely NO change whatsoever.
Thereafter, they'd start running out of sand... :rolleyes:
Mo_Zam_Beek
10-19-13, 12:55
Point of Reason - *if* these were capital controls / probing for future capital controls (which they are not) - you would see this industry wide. Don't, do you?
There is a difference between truth and sensationalism.
Mr. Jones makes an extra dollar or two by screaming and getting indignant, Mr. Beck by squirting a tear or two. The best part is they advocate the line that power is two sides of the same coin.... And yet they are the other side of the media coin.
Good luck
Lets all take a deep breath and just relax. Different points of view are good for debate and keep us safe from complacency with the government controlled media machine.
The bank policies are probably designed to make more money for the bank. I do not subscribe to the conspiracy theories, but we are kidding ourselves if we think the NSA is not overreaching their boundries with all of their metadata.
The banks also have a ton of data and manipulate it, along with laws and currencies to make money.
This is just another one of those self serving policies.
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