Thursday, October 17, 2013

Chase Bank Limits Cash Withdrawals and International Wire Transfers

Logo used by the combined company after its me...
While admitting that it is imposing limits on cash transactions and banning international wire transfers for business customers, Chase Bank claims the measures do not represent “capital controls” and instead are merely about “streamlining” and “derisking,” labeling concern about the new measures an “overreaction.”

The claim is in response to an Infowars story which went viral after appearing on the Drudge Report, which revealed that business owners were receiving letters from Chase informing them that cash activity on their accounts would be limited to $50,000 dollars a month and that international, and in some cases domestic, wire transfers were being withdrawn.

“JPMorgan Chase (JPM) says news reports circulating on the Internet that the bank is exerting new capital controls on certain bank accounts are an overreaction to a “streamlining” and “derisking” process Chase says has been underway for several months,” reports Fox News.

The bank also says that it is removing the ability of business customers to send international wires because there is no oversight in the form of a “bank representative managing them,” another indication that the outfit has little respect for financial privacy. Read more >>
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