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Author Topic: Chase Bank limits withdrawls, Bans international wires  (Read 7519 times)
Singlebyte
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October 16, 2013, 08:07:05 PM
 #1


We have seen some members complaining about this, but here is the proof.

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/


Question

1. Why limit amount of cash withdrawls?
2. Why no international transfers?


Let the speculations begin.......
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October 16, 2013, 08:08:42 PM
 #2

Exposure mitigation due to government shutdown.

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October 16, 2013, 09:24:39 PM
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Government shutdown is almost over. The fake crisis has been 11th hour averted as we all knew it would be. See you again on Feb 17th for the next manufactured installment.
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October 16, 2013, 09:56:41 PM
 #4

Limits on cash withdrawals are everywhere. Most bankers are not comfortable having large quantity of cash readily available in their drawers. It just increases the risk of crime. In every bank I know if you want to withdraw a large quantity of cash, you have to call in advance to make sure there will be cash when you want it. Most often, they also have limits. Like with a credit card, you can't withdraw over a given amount per week. With the fight against tax evasion and money laundering always intensifying, we may expect the current situation to get worse.

What I don't understand is the complete ban of all international wire transfers. that's crazy. Could there be something wrong with Chase? They've got to have plenty of customers doing business abroad, and they'll have no other choice but to change bank.
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October 16, 2013, 10:44:38 PM
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What I don't understand is the complete ban of all international wire transfers. that's crazy. Could there be something wrong with Chase? They've got to have plenty of customers doing business abroad, and they'll have no other choice but to change bank.

Will they have the choice to change bank much longer? Chase don't just sound like they're trying to protect the robbery of branches, it sounds as if they're worried about the rate that legitimate money is flowing out of the bank. With Info Wars as a definitive corroboration though... not entirely sure. Major FUD merchants, true and false.

Vires in numeris
theonewhowaskazu
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October 16, 2013, 10:53:14 PM
 #6

Does chase supply any type of account with international bank wires enabled, or are they blocked for every type of account now period?

if so, thats pretty bad. I guess you can still do a direct deposit into another account at another bank though, if I was a chase customer I'd do that like ASAP. I can't believe this is even legal, let alone something a solvent bank would consider doing.

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October 16, 2013, 11:10:40 PM
 #7

I can't believe this is even legal, let alone something a solvent bank would consider doing.
I saw something similar happen at a local, state-licensed bank:

Quote
Foreign Wire Transfers: Due to recent regulatory changes, effective 10/1/13, XXXXXXX will no longer offer foreign wire transfer services through Internet Banking or in banking centers.

If you need to send funds to a recipient in a foreign country, you can go to www.westernunion.com to send a transfer using your Debit MasterCard® or visit your local banking center to send a Western Union in person.

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October 16, 2013, 11:27:34 PM
 #8

This is just Chase doing some creative marketing.  Trying to upsell customers to a more expensive account:

Quote
Actually they're just raising fees, not preventing those things
Submitted by doggydogworld on Wed, 10/16/2013 - 15:01. Permalink
Go to chase's web site and look at the business checking options. They aren't stopping businesses from sending international wires, or restricting cash activity to $50k. They're just forcing businesses who do those things to upgrade to the more expensive kind of business checking account.

So yes, Chase sucks.  But this thread is mostly FUD.

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October 17, 2013, 12:57:02 AM
 #9

1. Why limit amount of cash withdrawls?
2. Why no international transfers?

Simple.  Chase has been acquired by MtGox, with the Japanese team now handling all money transfers across the combined entity Cheesy


This is just Chase doing some creative marketing.  Trying to upsell customers to a more expensive account:

Quote
Actually they're just raising fees, not preventing those things
Submitted by doggydogworld on Wed, 10/16/2013 - 15:01. Permalink
Go to chase's web site and look at the business checking options. They aren't stopping businesses from sending international wires, or restricting cash activity to $50k. They're just forcing businesses who do those things to upgrade to the more expensive kind of business checking account.

So yes, Chase sucks.  But this thread is mostly FUD.

Yep.  Other banks (e.g. Citibank) do similar random things, like arbitrarily restrict the amount you can wire out according to your account type.  For basic accounts they force you to go into a branch in person if you want to go above a certain thresholds, whereas gold accounts have no such limits.
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October 17, 2013, 01:04:13 AM
 #10

Here's the same thing happening at a small, state-licenced bank:

https://online.1stnb.com/LoginAdv.aspx
Quote
Foreign Wire Transfers: Due to recent regulatory changes, effective 10/1/13, FNBT/FCB will no longer offer foreign wire transfer services through Internet Banking or in banking centers.

If you need to send funds to a recipient in a foreign country, you can go to www.westernunion.com to send a transfer using your Debit MasterCard® or visit your local banking center to send a Western Union in person.
The key here is "Due to recent regulatory changes." This isn't a Chase issue. I bet that we're going to hear more of this happening in the next few days/weeks. Before long, it's not going to be possible for the average person to wire dollars outside the country.
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October 17, 2013, 03:19:13 AM
 #11

Here's the same thing happening at a small, state-licenced bank:

https://online.1stnb.com/LoginAdv.aspx
Quote
Foreign Wire Transfers: Due to recent regulatory changes, effective 10/1/13, FNBT/FCB will no longer offer foreign wire transfer services through Internet Banking or in banking centers.

If you need to send funds to a recipient in a foreign country, you can go to www.westernunion.com to send a transfer using your Debit MasterCard® or visit your local banking center to send a Western Union in person.
The key here is "Due to recent regulatory changes." This isn't a Chase issue. I bet that we're going to hear more of this happening in the next few days/weeks. Before long, it's not going to be possible for the average person to wire dollars outside the country.

You can always use WU/moneygram, can you not?

EDIT: this doesn't explain the cash withdraw limit, though.

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October 17, 2013, 03:38:05 AM
 #12

You can always use WU/moneygram, can you not?
Western Union is very expensive compared to wires, and comes with far lower limits on the amount you can transfer.
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October 17, 2013, 04:19:51 AM
 #13

I wonder what the specific regulation that changed on 10/1/13 is, anybody have any idea how to find out?

theonewhowaskazu
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October 17, 2013, 04:25:20 AM
 #14

You can always use WU/moneygram, can you not?
Western Union is very expensive compared to wires, and comes with far lower limits on the amount you can transfer.

Well, if you've got a large amount, you can go to a different bank that does allow wires and move from there, right?

Also, how about international money order? Wouldn't that work? I agree this is increasing the cost of moving money, but regulation always increases prices, so  thats nothing to be excited about.

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October 17, 2013, 04:40:18 AM
 #15

Well, if you've got a large amount, you can go to a different bank that does allow wires and move from there, right?
Sure, as long as such banks continue to exist.

I'm tempted to create a bet as to whether or not any banks will offer individuals the ability to send funds out of the US via international six months from now.
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October 17, 2013, 05:06:43 AM
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Well, if you've got a large amount, you can go to a different bank that does allow wires and move from there, right?
Sure, as long as such banks continue to exist.

I'm tempted to create a bet as to whether or not any banks will offer individuals the ability to send funds out of the US via international six months from now.

well that would suck royally. If you can't wire out, then money moving across country borders would either have to be in the form of credit, or in the form of cash or money order.

dserrano5
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October 17, 2013, 08:48:52 AM
 #17

This is just Chase doing some creative marketing.  Trying to upsell customers to a more expensive account:

Quote
Actually they're just raising fees, not preventing those things
Submitted by doggydogworld on Wed, 10/16/2013 - 15:01. Permalink
Go to chase's web site and look at the business checking options. They aren't stopping businesses from sending international wires, or restricting cash activity to $50k. They're just forcing businesses who do those things to upgrade to the more expensive kind of business checking account.

https://online.1stnb.com/LoginAdv.aspx
Quote
Foreign Wire Transfers: Due to recent regulatory changes, effective 10/1/13, FNBT/FCB will no longer offer foreign wire transfer services through Internet Banking or in banking centers.
The key here is "Due to recent regulatory changes." This isn't a Chase issue.

Seems we have some conflicting information here. Either it's for business reasons or regulatory ones. Unless of course new regulations allow banks to set limits only on certain types of accounts…

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October 17, 2013, 09:46:11 AM
 #18

Transplanted from a different sub-forum:
----
Yup.  Capital controls.  Now I remember another big reason why Bitcoin grabbed my attention so forcefully back in 2011.

  http://iranian.com/posts/view/post/22646

I have to take exception with this article's:

  "The bottom line is that banks think your money is their money and..."

The reason that banks think that is because it is true.  Technically and legally.

Banks can use the money that the depositors gave them in more or less any way the see fit though they have to abide by certain restrictions.  The reason Glass-Stegall was repealed was to relax those restrictions so they could gamble depositor's funds on derivatives at 50-1 leverage and such through their investment banking wing.

Worse yet, as I understand things (potentially tinfoil-hat things but maybe not) the derivatives counter-parties are top tier creditors and get made whole before bank depositors in the event of a bankruptcy.  The rational is that it halt a chain reaction of institutional failures...or so the story goes.

I've also heard that the way 'they' will get around the FDIC issue is to convert deposits into shares in the bank (as a non-option.)  Then FDIC is under no obligation to save the 'investors' as the bank craters.

Who knows how much truth there is to this stuff.  It seems entirely possible to me, however, and I actually have more confidence in Bitcoin than I do in my bank deposits and I hold more value in Bitcoin than I do in banks at this point.  By a wide margin (though in fairness this is primarily attributable to the rise in BTC valuations.)


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October 17, 2013, 01:30:56 PM
 #19

well that would suck royally. If you can't wire out, then money moving across country borders would either have to be in the form of credit, or in the form of cash or money order.

Or in the form of Bitcoin, which wouldn't suck royally.
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October 17, 2013, 01:45:33 PM
 #20

The answer for me is to keep less money in the bank.  I want to be able to liquidate my entire account whenever I say so. This looks to me like an attempt to avoid bank runs. Why would a bank do that? Do they know something I don't?
I would not chance with those bozos. I would trust them with no more than I can withdraw.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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