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Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

Preparing for looming financial crisis in U.S.?

Paul Joseph Watson
October 16, 2013

Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States.

Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle from November 17 onwards.

The letter reads;
Dear Business Customer,
Starting November 17, 2013:
- You will no longer be able to send international wire transfers. You will still be able to send domestic wires and receive both domestic and international wires. We’ll cancel any international wire transfers, including reccurring ones, you scheduled to be sent after this date.

- Your cash activity limit for these accounts(s) will be $50,000 per statement cycle, per account. Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches (including purchases of money orders) and ATMs.

These changes will help us more effectively manage the risks involved with these types of transactions.

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Actually they're just raising fees, not preventing those things

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.

Chase is the worst bank I've ever done business with.

You can't even see the options available if you don't enter a

zip code, or if you have ad-blocking software installed.

I noticed that too

Very annoying. You can hit print as soon as it opens and look at the preview window. The gist of it is that the low-end account is $10/month (waived for $1,500 min bal) and no international outgoing wires. The high-end account is $95/month (waived for $100,000 balance), you can do international wires, but they have fees on almost everything you would want to do even after that $95/month. You can do way, way better than that at other banks. I think Chase simply doesn't want small customer business.

If you remember during the

If you remember during the height of the '08-'09 crisis the big 5 were charging large account holders to hold cash in their accounts. Redemptions in the market were causing a torrent of cash going into banks.
In banking language deposits are liabilities. And loans are assets.

They don't want the liability and thanks to the FED they don't need the liquidity.

Main Bank

I went to my main branch yesterday to withdraw all my funds in my accounts. I was told I could not do that. I was limited to 10%. I was told that I could withdraw another 10% on the next physical month. I was also asked why I was doing so. I was handed 2 papers,1) from the IRS wanting explanations from me of what the funds were to be used for and the other 2) was almost the same questions for the bank itself. They would not even release the 10% without these documents being filled out. I was told it was because it was a cash withdrawal and went over a fixed amount determined by the IRS.
We are already screwed!

I don't think they cared much for what I put on the paperwork.

Plantin the seeds for our Savior. In the End Jesus wins!

That's because you didn't try to CLOSE the accounts.

When you signed up, you agreed to withdrawl limits, including a minimum you can't remove period.

However, if you are CLOSING the accounts, they have to give you all of your funds, in cash if you so desire, but if you chose cash, depending on the amount (usually in excess of 50-60k) then they may request 24 hours to physically obtain that amount. (it isn't that they don't have it on hand, but then they wouldn't have enough for other customers. Since your cash order is "out of the norm" of their usual needs, they have to place a special order for it.

By closing the accounts, you don't have to tell the IRS squat.

They WILL still fill out a CTR (Cash TRansaction) report though if the amount is over $3,200 I believe. If it is over $10k, there is an additional report they have to file. This is a result of drug and money laundering laws.

Samadamscw, yea thats kinda

what happened. I had decided to leave some in all the checkin accounts cause was not sure what was going to draw against them. I had called the day before to my local branch to make sure they had cash on hand. They steered me to the main branch downtown.

I attempted to close the savings account. I was told that unless I wanted a certified check/draft with the name of the new bank on it I could not get more than the 10% until after the 5th of November.
They told me that they did not have enough cash on hand for that cash transaction and it was against policy unless I gave them a 7 day notice in writing ( for the cash).

Yea the IRS form and bank form both stated the drug and laundering stuff. That dang IRS form asked questions like, what did I attend to do with the cash, and was any of that money going to be taken out of the U.S. I was going to write checks to family members to get it out of there fast but it turns out I don't have enough family members and stay under the 10k IRS trigger.

Oh well I left there escorted by bank security ( was told for my protection ) with only 10% of just the savings account. :(
Submitting in writing tomorrow for all of it in cash :)

Plantin the seeds for our Savior. In the End Jesus wins!

Must be a hefty sum if they require 7 days.

(not that I'm fishing, but my own experience was 24 hours was plenty of time)

The waiting period might have something to do with those drug and laundering laws as well. I'm not super versed on them, but it wouldn't surprise me that they do that in an attempt to thwart dirty transactions.

Ask an attorney, but I think the 10K IRS requirement is cash only - meaning you can write up to the "gift" limit without triggering anything else. I think that limit is 13k this year - double check.

Best of luck on getting the rest out. I think it would be possible with just a little patience.

I wouldn't take a cashier's/certified check. I'd wait for the cash. (unless you've already shopped a credit union or other bank you know you want to transfer to)

Two years ago my wife and I

Two years ago my wife and I took a substantial amount out of our credit union. I have USAA. The only actual physical locations for USAA are in San Antonio. So we took a trip there for the weekend, and with drew a large sum in cash the following Monday before we left. The lady didn't blink. She simply had me fill out a form. The paper work asked what i did, and why I was withdrawing it.

other info
Occupation: Liberty
Reason for withdraw: "It's my money"

However, my mother told me that she went to her bank, a conventional bank. She wanted to withdraw 10K and they told her that they didn't have that much. LOL

"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."

This is all big brother crap

It's like NSA
Its not about people its about the power.

Think about it it's your money and you can't use it for what you want?
Laundering money BS taking your money out of your own account. How is tracking you going to help anyone.

You save money for 40 yr and decide to spend it and now the goverment needs to know.

We bail out the banks and what do they do tell you!

Government is out of hand and elections don't work.
What crap did they just do borrow money to run so they don't default on there payment.

Interest is stupid on a personal level let alone a larger level.

The truth is who is getting those payments?
One guess and the answer is the very who.

Just want what seems to be missing, Truth and Justice for ALL
What is fraud except creating “value” from nothing and passing it off as something?

Tell your mom, they have to give it to her, but she might have

to wait a day or so for them to place the order for the extra cash. They usually try to stall and convince you not to withdraw - but they do have to give it to you if you insist.

As an anonymous person

As an anonymous person commenting on the Internet, I have no reason to believe or disbelieve what you claim. Having said that, did you try an EFT (electronic funds transfer) instead? Try transferring all of your funds to a new bank account instead. You may be more successful.

That's extremely unusual

If it's over $10k they're required to get you to fill out a cash transaction report. Every bank will do this, and sometimes they do it for smaller amounts but always for $10k or more. That's been a requirement for a long time so that part isn't surprising. Be aware that if you try to get around this reporting requirement with smaller withdrawals you might end up having all the funds seized. There was a story here recently about a company that had a lot of money seized because their deposits (it was a grocery store or something like that taking in a lot of cash every day) were consistently just under $10,000.

But a limit on withdrawal of 10% from any ordinary kind of checking or savings account is something I've never heard of. People write checks and make withdrawals or transfers of more than 10% of the current balance all the time. That part is very bizarre and completely unreasonable.

Are they also refusing to let you write checks for more than 10%, or wire or ACH transfer more than that? Because at the very least you should be able to get the money out of that bank and to a credit union that would be more reasonable. A credit union would also be very happy to make sure the bad bank releases those funds. I know that's not what you wanted to do but if the bank is being that unreasonable it might be worth the hassle just to get the money out of there immediately.

They'll likely process any amount, as long as it isn't a

withdrawal of cash. Their 10% rule just might only apply to same day service. (you'll have to wait 24 hours or more for larger amounts)

Also, the CTR reports shouldn't need a "purpose" as they are filled out by the bank. Technically, they aren't even supposed to tell you they are filing it. It's part of the money laundering and drug laws. They want to catch criminals, not tip them off.

Finally, yes, if you intentionally "structure" your deposits and withdrawals of CASH to avoid the CTR requirements, then that too is a crime.

LIBERTY2ME's picture

If this question is to

If this question is to personal, I'm not trying to be nosy.
From what I always understood, there has always been a threshold of $10,000.00. If you deposit or withdrawal this you have to fill out paperwork for the IRS. I believe that this amount just recently changed to $5000.00 (not sure about this though).
Was your total amount more than $10,000? And was your bank Chase?

Again not trying to pry, just trying to fully understand what is happening.

I know there are reporting

I know there are reporting requirements that make banks report large withdrawals to either the IRS or some other agency (maybe Homeland Security?)... You could also tell 'em you're taking out the cash because you're buying a boat or a luxury car?

I don't think they care

what reason you give. They just want to be able to track the transactions.


I wish I had $50 grand to my

I wish I had $50 grand to my name, much less in cash.

Southern Agrarian

It may be for a crisis

but I read this as more of the "cashless" society agenda.

my 2 cents


Liberty = Responsibility

There's the key

What definition of "cashless society" are they promoting here?