Banks directed to limit cash deposits, could affect local bitcoin transactions

[joego]

http://www.infowars.com/chase-imposes-new-capitol-controls-on-cash-deposits/

How can this not have a chilling effect on local bitcoin transactions, at least in the US?

[marcus_of_augustus]

capital controls typically emerge in the late stages of an economy in severe financial or political crisis ...

[brixton74]

This is also a safeguard on situations where someone may have a check with your name on it but an account number that belongs to someone else allowing for money to be stolen.  ID like this would prevent that from happening.  Western Union scammers and others tend to do this a lot.  http://www.aarp.org/money/scams-fraud/info-02-2012/tax-refund-scam-alert.html

[undeadbitcoiner]

In one hand its good and in other hand its bad
lets see what will be the actual impact, But they must bring some rules for family or parents to deposit money in there childrens account or some different rules in cheque deposit.
For us its good, if people will be frustrated with FUCKING fiat and banks they will come to join us in cryptoworld.

[mkendall82]

Soon people will be tired of fiat and banks and they will come to join us in cryptoworld!

[OlliBrandt80]

Banks by contoling on cash desopists make people be frustrated by fiat and push them to cryptocurrency but banks don't support cryptocurrency. Isn't this absordly to push people to join the system banks dont support?

[cryptoanarchist]

This was predicted years ago. Chase is scared of people using cash deposits to buy bitcoin, so they are becoming more restrictive, which chases their customers away to bitcoinland anyway.

They're damned if they do and damned if they don't. The bankers best bet is to look for real jobs - I saw that Jack in the Box is hiring.

[IYFTech]

More proof that banks are shitting their pants & the US is becoming a controlled surveillance police state.

[Its About Sharing]

Well, people affected will probably just migrate from Chase.

marcus_of_augustus - Well said!

In other news Wochovia and HSBC were found complicit in money laundering around .5 Trillion dollars in drug money.
But, the courts "found them" too big to jail as it would lower (is that possible?) confidence in the banking system, maybe even destabilize it. (I say they are doing a fine job on their own).
They were fined 1 billion USD. No jail time. Oh, and around 19,000 people were killed from their actions. So yeah, lets make sure Johns $500 cash deposit into Franks account is valid... 

Oh, get your popcorn, it is just getting more and more interesting.

Now to sports...

[IYFTech]

+100

[kain35m]

Banks are going to keep vomiting all over themselves as they slowly die. Pull as much money out of the big banks as you can, while you can.

They're going to keep attacking and fighting; Stealing as much of everyone's money as they can. They know what's happening. They know that people can see through their crap. They know that no one trusts them, but their biggest problem is that they don't know how to succeed by making people happy. Big banks, big Insurance, big agro, big healthcare only know how to succeed by making people more and more miserable.

I'd be prepared to see much, much more of this type of anti-consumer behavior over the next few years as people, Technology, and the internet stab the last few blows at the heart of these big businesses.

To the heads of these businesses, I say, it's time to retire. I think you have enough money.

[westkybitcoins]

This is also a safeguard on situations where someone may have a check with your name on it but an account number that belongs to someone else allowing for money to be stolen.  ID like this would prevent that from happening.  Western Union scammers and others tend to do this a lot.  http://www.aarp.org/money/scams-fraud/info-02-2012/tax-refund-scam-alert.html

No, it's not. The scenario you describe is irrelevant to this issue. Chase is blocking cash deposits to accounts that don't have your name on them.

There is simply no benign reason for a bank to do this, or for a government to request/demand it. It points to a crackdown on using cash in general and/or using banks as a facilitator of cash transfers (like plenty of parents do for children, spouses do for each other, friends for one another, etc.)

And to think, there are folks who want to dilute the privacy of bitcoin because they're so eager to be in compliance with governmental wishes. Some people just can't see the writing on the wall.

[westkybitcoins]

Well, people affected will probably just migrate from Chase.

For now. Let's see how long that remains a viable option.

Oh, get your popcorn, it is just getting more and more interesting.

Yup, probably beyond what we can imagine.

[StarfishPrime]

capital controls typically emerge in the late stages of an economy in severe financial or political crisis ...

Good point. Who ever thought this would already be happening so soon in the US. Withdrawals are undoubtedly next. First you'll need to give a few days notice for large amounts, then you'll require a 'reason', then there will be daily/weekly/monthly limits. Undoubtedly all with "perfectly reasonable" AML/KYC/fraud prevention excuses of course. We've seen this movie before.

Chase - soon to be the "MtGox" of fiat banks - just wait until JP Morgan Chase's naked short selling is exposed. There's no fan big enough for that **it

[grassrots24]

Banks tightening up like this just goes to show how afraid they are of cryptocurrency. If the banks are afraid, we're on the right track!

[leopard2]

BANK HOLIDAY INCOMING 

[marcus_of_augustus]

Banks tightening up like this just goes to show how afraid they are of cryptocurrency. If the banks are afraid, we're on the right track!

“You know you're over the target when you start taking flak.”