Olduvaiblog: Musings on the coming collapse

Home » Economic » » Chase Imposes New Capital Controls on Cash Deposits Alex Jones’ Infowars: There’s a war on for your mind!

» Chase Imposes New Capital Controls on Cash Deposits Alex Jones’ Infowars: There’s a war on for your mind!


» Chase Imposes New Capital Controls on Cash Deposits Alex Jones’ Infowars: There’s a war on for your mind!.

Customers have to show ID, can no longer deposit cash into another person’s account

Paul Joseph Watson
Infowars.com
February 17, 2014

JPMorgan Chase has irked its customers by imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.

@karaxsue @ShepardAmbellas @PrisonPlanet new policy, starts in march, no longer can use cash; attempt to derail BTC? pic.twitter.com/m3urDKVGJ0

— Kristen Meghan (@KristenMeghan) February 17, 2014

 

Air Force veteran Kristen Meghan received a letter from Chase informing her of “changes in how we accept cash deposits.”

“When making a cash deposit please; be ready to show a valid ID – deposit only into accounts that list your name,” states the letter.

The move is another example of how banks are becoming increasingly invasive and restrictive with how they treat their customers, while crypto-currency alternatives like Bitcoin offer total anonymity.

According to Meghan, when she asked a Chase bank teller why cash deposits couldn’t be made into another person’s account, she was told that the new regulation was imposed by government request.

@PrisonPlanet @ShepardAmbellas u can’t make cash deposits in other people’s accts anymore either. Bank teller told me it was govts request

— Kristen Meghan (@KristenMeghan) February 17, 2014

 

According to Fox Business, Chase is “the first big bank to enact such a change.” Customers are already being asked for ID as of February 1, while cash deposits into accounts bearing someone else’s name will be banned from March 3 onwards.

Chase claims it is imposing the changes to prevent money laundering, although the policy is likely to cause massive inconvenience for families, such as parents who wish to deposit cash in accounts belonging to children who are away at college.

Representatives from Bank of America, Citigroup and Wells Fargo did not respond to questions on whether they would also be looking to impose the same rules.

Some analysts have speculated that such measures are a sign that banks are preparing for economic turmoil and potential bank runs. Last year it was reported that two of the biggest banks in America were stuffing their ATMs with 20-30 per cent more cash than usual in order to head off a potential bank run if the U.S. defaults on its debt.

@PrisonPlanet Ridiculous. JPM will still make it easy for the next Madoff; it’s just families as the article says who will be hassled.

— Stacy Herbert (@stacyherbert) February 17, 2014

 

This is by no means the first example of Chase imposing capital controls on their customers’ accounts.

In October last year, we reported on how Chase instituted policy changes which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a $50,000 limit per statement cycle.

The bank’s reputation was already under scrutiny after an incident last year when Chase Bank customers across the country attempted to withdraw cash from ATMs only to see that their account balance had been reduced to zero. The problem, which Chase attributed to a technical glitch, lasted for hours before it was fixed, prompting panic from some customers.

Other banks have also imposed capital controls in recent months, including HSBC, which is preventing customers from withdrawing larger amounts of money without written documentation proving how it is to be used.

Russian lender ‘My Bank’ also temporarily banned all cash withdrawals last month.

Facebook @ https://www.facebook.com/paul.j.watson.71
FOLLOW Paul Joseph Watson @ https://twitter.com/PrisonPlanet

*********************

Paul Joseph Watson is the editor and writer for Infowars.com and Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a host for Infowars Nightly News.

 

This article was posted: Monday, February 17, 2014 at 10:15 am

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 313 other followers

  • 56,711
February 2014
S M T W T F S
« Jan   Mar »
 1
2345678
9101112131415
16171819202122
232425262728  

Archives