Capital controls imposed
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.
- Published on Oct 16, 2013
Why is Chase Bank banning wire transfers and limiting cash withdrawals for business customers?
Is the bank preparing for some kind of financial crisis or Cyprus-style account gouging?
- UPDATE: Chase Bank confirmed to Infowars that all business account holders were being subjected to these new regulations. Given that even a relatively small grocery store or restaurant is likely to turnover more than $50k a month in cash payments, this appears to be part of a wider move to shut down businesses who mainly deal in cash. Chase told us customers would have to upgrade to much more expensive accounts to avoid the capital controls, meaning larger corporations will not be affected. The bottom line is that banks think your money is their money and will do everything in their power to prevent you from withdrawing it in large quantities.
Another letter (PDF) received by Peak to Peak Charter School, an Elementary School in Colorado, states that the option to send both international and domestic wire transfers has been withdrawn from Chase business savings account holders.