Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

Capital controls imposed on small business owners

By Paul Joseph Watson, Infowars.com

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.

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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 from November 17 onwards.

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 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.

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Elementary School in Colorado, states that the option to send both international and domestic wire transfers has been withdrawn from Chase business savings account holders.

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Shortly after we posted this story, other Chase business customers confirmed they had also received similar or identical letters.

“I’m a Chase customer with both of the type accounts mentioned and got the letter posted,” wrote one.

“I have been a loyal customer of Chase for 11 years and I received the letter for my business and when I called about this I was told basically piss off and find another bank!” added another.

Chase Bank later confirmed in a tweet, “Certain biz accounts will no longer allow intl wire & large cash transactions,but customers can opt for Chase accounts that do,” (in other words accounts that are far more expensive).

Natural News’ Mike Adams also confirmed his company received the letter. “This is happening, folks! The capital controls begin on November 17th. The bank runs may follow soon thereafter. Chase Bank is now admitting that you cannot use your own money that you’ve deposited there,” writes Adams.

Meanwhile, financial expert Gerald Celente said the news was a sign that Americans should prepare for a bank holiday.

Chase is obviously very keen to make it hard for their customers to have any kind of control over their savings and is trying to prevent them from sending dollars abroad, prompting concerns that Cyprus-style account gouging could occur in America.

The move to limit deposits and withdrawals while banning international wire transfers altogether is a bizarre policy and will cripple many small and medium-sized businesses with Chase accounts. Buying stock from abroad in any kind of quantity will now become impossible for many companies, while paying employees will also be a headache. Grocery stores or restaurants that turnover more than $50k a month will be unable to use their account.

Why has Chase announced such a ludicrous and restrictive policy change? Speculation is rife that the bank is preparing for some kind of economic crisis by “locking down” its customers’ money.

Others fear the move to restrict international wire transfers is part of a plan to protect against a near-future collapse of the US dollar.

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NEW WORRIES OVER CONFISCATING BANK ACCOUNTS

Focus turns to FDIC-protected deposits

By Dr Jerome CORSI, WND

Greece announced it intends to take drastic measures to obtain the social security contributions owed by commercial enterprises in the country, without having to slash pensions and benefits.

The announcement by the Labor and Social Insurance Ministry has raised the question for Americans: Are your bank deposits in a Federal Deposit Insurance Corporation-protected financial institution safe from confiscation ?

Though little noticed at the time it was issued, a 15-page paper jointly issued Dec. 10, 2012, by the FDIC in the United States and by the Bank of England, titled “Resolving Globally Active, Systematically Important, Financial Institutions,” makes clear bank deposits can be confiscated by a bank defined as a “globally active, systematically important, financial institution,” or G-SIFI. The deposits can be seized if the depositors receive equity in the form of bank stock in one or more of the newly reformed operating entities after a bank failing economically is resolved or restructured.

That means the type of assets confiscations witnessed today in the Eurozone can happen in the United States. Bank deposits, even in a FDIC-protected bank, are subject to confiscation provided the crisis involves a G-SIFI and the depositor is given bank stock of one form or another once the financial institution under consideration has been restructured.

In Greece, the labor ministry is planning to force corporations operating in the country to pay up to a total of 14 billion euros of pension contributions due or face having their assets held in banks confiscated by the government. The amount is equal to 8 percent of Greece’s Gross Domestic Product, or GDP.

Greece’s fiscal gap expected at the end of 2013 from social security is expected to equal at best 1.06 billion euros, with next year’s government budget requiring a 1.8 billion euro reduction in state subsidies to social security funds.

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