Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

The fact that these letters were being sent out to Chase customers was confirmed at the time that we published, but in the last 24 hours we have confirmed that even large businesses doing international transactions have also received the same letters.

I personally visited Chase Bank and inquired about setting up an account and asked if I could wire money out of the country or withdraw the amounts of cash listed in their letter. I was told no, and that I would have to “qualify” with them for a special type of international bank account and would have to deposit huge amounts of money and pay fees to be able to access those services.

What this constitutes is a war on cash and a war on small business and individuals. Two years ago we saw a giant backlash against Bank of America when they announced customers would be charged for using their own money via their debit card. We have crossed the rubicon where now the currency has been so devalued that you will have to pay fees to have your money in a bank or use a debit card.

In saying that international wire transfers are too much of a risk, Chase Bank might as well be bankrupt because it is telling you there is no money to withdraw.

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