Chase limits cash withdrawals and bans international wire transfers

Discussion in 'General Discussion | Credit Cards' started by delff128, Oct 16, 2013.  |  Print Topic

  1. delff128

    delff128 Silver Member

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    I have been a loyal Chase costumer for years, but seeing this doom and gloom nonsense and intrusion into one's own financial decisions really makes me question the wisdom of big banks, and in this case, Jamie Dimon and Chase in particular. This is concerning to say the least, especially with Chase giving limited to no explanations.

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

    Sent from my iPhone using milepoint
     
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  2. NYBanker
    Original Member

    NYBanker Gold Member

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    Why do you say this?

    Banks do things for a reason. This wasn't a capricious executive waking up one day and deciding to throw some new limits on withdrawals to help pad their deposit balance. Unpopular as it may be, banks are interested in making a profit - and if they end or curtail a line of business, it's because they figure out they are not making money (or sufficient money) on a product or face some undue regulatory burden. In this case, I suspect it was a small number of accounts of this type bringing both of these problems.

    Handling large amounts of cash is fairly expensive for banks. Many business accounts still have fees for even depositing cash.

    The accounts included in the article are principally small business accounts. In today's day of electronic payments (including swipe credit cards at retail locations), it is a small percentage of small businesses that would exceed the $50k monthly limit. I had a stake in a retail business that generated well north of $1mm annually in sales. The vast majority of the business was via card swipe. While there are of course fees for card swipes, it at least reduced the amount of cash that staff could steal. (Perhaps they stole goods?) If businesses really have more than $50k of cash needs in a month, Chase has other types of accounts available.

    Further, I would strongly suspect the bank got caught up in some bad situations (AML) due to international wires sent from these small business accounts. So, they decided to stop allowing international outbound wires from this type of accounts. Again, if you have a legitimate need to send international wires from your LLC account, Chase has a product for you...it's just not the one currently in use. How many international wires would you guess the Peak to Peak Charter School sends in a month?

    If you don't like Chase's offering, or think Jamie Dimon makes bad decisions, you should close your account and move to another bank. May I suggest... https://www.firstrepublic.com/ These guys are great. :)
     
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  3. LarryInNYC

    LarryInNYC Gold Member

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    I don't know anything about Chase's change in policy, but the site you linked is a cesspool of conspiracy mongering and insanity (by someone who, for instance, claimed that the recent crazy person crashing her car into the White House and Capital Hill barricades was a false flag operation intended to take him out). A citation on that site is almost enough to convince me of the total innocence of whatever's being cited.
     
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  4. sithlord
    Original Member

    sithlord Silver Member

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    I enjoyed the false flag posts on 9/11 and boston bombings. Looking for the story on the bogus dry run stories by the drunk usair pilots.
     
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  5. sithlord
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    sithlord Silver Member

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    Warrantless wiretaps were thought to be a conspiracy but ed snowden and wikileaks showed us the light.
     
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  6. jbcarioca
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    jbcarioca Gold Member

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    I actually know no one personally who ever thought those were not happening for more than a decade. Since the USA Patriot Act we've all known that national security could and did trump personal privacy. One need not be a conspiracy theorist to realize that has been happening. I am surprised that US citizens mostly do not protest against those issues but do protest about personal private sexual and reproductive issues. Sorry...I do not intend to "go Omni".
     
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  7. LAM

    LAM Silver Member

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    Could also be they are loosing a ton of money to cyber criminals who wire funds as quickly as possible out of victim accounts if they can get the funds out of the country. Criminals are DDOSing victims as they try to wire funds out of the victim accounts so the banks cannot get in touch with the true owners of the accounts to check for the validity of the wire.
     
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  8. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

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    To return to the topic, I recieved that notice from Chase and met with my banker. To do international wire transfers I have to switch to an account with $90/month fees. It appears my choices are either pull my money out of Chase or switch to a third party transfer service (like xe.com) and stop giving Chase my foreign exchange business. Either way, their bean counters have decided to "chase" me away.

    It's always interesting when a business makes the decision to 'fire' their customers.
     
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