Paul Joseph Watson
Infowars.com
October 16, 2013
UPDATE: 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 They indicated that customers would have to pay a fee on every dollar withdrawn over the limit.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. 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.
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.
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transfers has been withdrawn from Chase business savings account holders.
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.
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.
Whatever the truth behind the policy change, Chase really needs to
publicly explain its reasoning in order to quell the speculation.
The bank’s reputation was already under scrutiny after an incident
earlier this year where Chase Bank customers across the country attempted to
withdraw cash from ATMs only to see that their
account balance had been reduced to zero. The problem, which Chase
attributed to a technical glitch, lasted for hours before it was fixed,
prompting panic from some customers.
Earlier this month it
was also reported that two of the biggest banks in America were stuffing
their ATMs with 20-30 per cent more cash than usual in order to head off a
potential bank run if the US defaults on its debt.
The image below shows two more examples of Chase business
customers receiving the same letter.
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