9 votes

Chase Bank disallows international wires

I just got a letter from Chase. They will no longer let their regular customers send wires internationally, period. Makes me nervous.

So I called. The only way I can send a wire is to upgrade to a $100/mo account. The $30 fee still applies to each wire.

Are other banks doing this?

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I think Chase is doing this ...

... to make businesses that send international wires switch to higher-fee checking accounts, so Chase can increase their fee income.

Chase (JP Morgan Chase) is always trying to nickle and dime everywhere.

Some people need to use Chase if they are borrowing from Chase or its subsidiaries or companies that use Chase as a lending source. All other people should AVOID Chase (and even people who use it should keep MOST of their funds in other banks).

I don't think it's a harbinger of currency controls like some people are saying. I think it's just Chase trying to make more on fees (partly due to Dodd-Frank and partly due to just because Chase management are a bunch of a$$holes).

I haven't heard of other banks doing this (yet).

Do business with SMALL banks, whenever possible.

By the way: If you can do business with BBT, they are run by outspoken libertarians (the CEO requires all executives to read "Atlas Shrugged.") Also, Everbank was founded by libertarians, which is also one of the few American banks where you can buy CD's denominated in gold and other currencies. FYI.

Every Once in a While

...while transacting at my local Chase branch, they suggest me "investing" or opening a "savings acct".
I have direct deposit and usually I explain how I desire to keep my "money in a "fluid state"...when I inquired about a wire transfer (for physical gold purchases) I was told by the branch manager that he didn't know how/the branch wasn't able to effect that.
A friend who's been in banking for 30+ years told me that was BS.
(His comparative analysis re: Chase Mortgage vs TD Bank Mortgage won me over to my current TD Bank Mortgage)
Looks like I have a new reason to "exit my funds" and invest elsewhere.
Do you think that the "grid-shutdown-drill" scheduled for November 13th will be used to seize funds? much like was done in Greece?

"Beyond the blackened skyline, beyond the smoky rain, dreams never turned to ashes up until.........
...Everything CHANGED !!

Anyone w/ more info on Federal Credit Unions vs Small banks???

Just visited Chase & other banks to open a business checking acct. Their standard acct (Chase Total Business) doesn't allow international wires so you have to the upgrade to the next level (Chase Performance Business) which has a $20 monthly fee (but it's free for the 1st two months for new customers!)

But I found local small banks with much better deals! I recommend doing that as they require no minimum (or very low) deposit requirements & allow you to do domestic and international wires.(obviously wires will run you a fee)

Today, I checked out BoA, Chase, PNC, and they were all a rip-off compared to the other 3 small local banks I checked out. One of the local banks only had 6 branch offices throughout the county and that was it! Tomorrow I'll be searching for a Credit Union as they are equivalent to the small banks but are supposed to be even more supportive of local community.

None of the other banks I visited prohibited international bank wires. If anyone knows pros & cons of Federal Credit Unions vs Small banks I'm all ears.


dump chase!

Use to have them...Even their employees give me the chills when I see them walking out for lunch, I think they are dead inside.

scawarren's picture

My bank isn't doing that and

My bank isn't doing that and it's just a little local 5-branch operation and any wire transfer is $20.

It is easier to fool people than to convince them that they have been fooled. – Mark Twain
Real patriotism is a willingness to challenge the government when it's wrong. - Ron Paul

Increased Wire Fees

My Bank has added a new $25 International Fee on top of their existing $20 Wire Fee.

Thanks to Dodd Frank banking

Thanks to Dodd Frank banking regulations and FED 0% interest.

Bank fees have been rising all over as a response to regulation. The banks are require to fun all sorts of 'safety' mechanisms, insurances and pools of risk related reserves.

as the Good Doc always reminded us:

capital controls by corporatists/govt are sure signs that you're not living in a free society.

Predictions in due Time...

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

I would take this as a sign.

I would take this as a sign. They are going to start clamping down to make sure you cant move your money.
I would leave them now if possible.

To climb the mountain, you must believe you can.