Report: Chase Bank Limits Cash Withdrawals,Bans International Wire Transfers

[cr1776]

A lot of places are linking here now, but this is worrisome assuming it is true:
http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

There are several mentions of bitcoin in the comments, if it had been mentioned in the article, I would have put it in the Press section.

They are (of course) talking about international from a US centric view.

If true, smart money would be taking steps to protect themselves and I speculate that it should involve some bitcoin.

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[phlogistonq]

That is (ofcourse) talking about worrying from a USD centric view.

From a bitcoin centric view, it is good news.

[Spekulatius]

Looks like Gox,

Does it mean they have trouble finding international banking partners ?

[Chalkbot]

Looks like Gox,

Does it mean they have trouble finding international banking partners ?

Haha, that actually makes sense. I mean, a good precautionary measure against a sudden and violent drop in USD value would be to start applying limits to the transactions. You don't want to get caught in a situation where you accept a giant burning pile of USD at the last possible second before it explodes in your face.

[RodeoX]

Looks like Gox,

Does it mean they have trouble finding international banking partners ?

Haha, that actually makes sense. I mean, a good precautionary measure against a sudden and violent drop in USD value would be to start applying limits to the transactions. You don't want to get caught in a situation where you accept a giant burning pile of USD at the last possible second before it explodes in your face.

I think that is right. A sudden devaluation could catch a bank with their pants down. Talk about exposure!

[Kluge]

Many CUs have cut outgoing international wire service this year, so it wouldn't be too surprising to see banks starting to discontinue service, too. Not particularly sure on reasoning. "Due to new Regulations and the inherent risk with International Wires, we will no longer be able to provide this service to our members."

[mezzomix]

Great! A bank that removes banking from their service. I hope other banks will follow. 

[boltactionz]

Many CUs have cut outgoing international wire service this year, so it wouldn't be too surprising to see banks starting to discontinue service, too. Not particularly sure on reasoning. "Due to new Regulations and the inherent risk with International Wires, we will no longer be able to provide this service to our members."

What are CUs?

Do you mean credit unions?

[Kluge]

Many CUs have cut outgoing international wire service this year, so it wouldn't be too surprising to see banks starting to discontinue service, too. Not particularly sure on reasoning. "Due to new Regulations and the inherent risk with International Wires, we will no longer be able to provide this service to our members."

What are CUs?

Do you mean credit unions?

Yes.

ETA: Story is.... allegedly... confirmed. "UPDATE: Chase Bank confirmed to Infowars that all business account holders were being subjected to these new regulations. 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. Chase told us customers would have to upgrade to much more expensive accounts to avoid the capital controls, meaning larger corporations will not be affected. 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 in large quantities."

[Xer0]

so they want to force small shops to accept credit cards and such?