JP Morgan Chase Bank this week banned international wire transfers and further limited cash withdrawals, leading some customers to wonder if it is preparing for an economic collapse.
Both individual customers and major businesses who conduct international transactions have received letters notifying them of the change in bank policy.
InfoWar’s Alex Jones tested the Chase Bank limits and ban by paying a visit to his local branch. When he inquired about setting up an account that would involve wiring money outside of the United States and withdrawing amounts of cash noted in the customer notice, he was allegedly told such activities would not be allowed – unless he was approved for a “special” international bank account. To qualify for the Chase Bank non-typical account, Jones would have been required to deposit massive amounts of money and pay special fees for the service. Jones said that the bank’s withdrawal limits and international transactions ban constituted a war on small business and a war on cash.
An excerpt from the Chase Bank letter to customers reads:
“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 recurring ones, you scheduled to be sent after this date. These changes will help us more effectively manage the risks involved with these types of transactions.”
“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. This is where the mega banks have wanted to take us all along – a total cashless society that destroys all privacy and allows them to fine and fee the general population into serfdom. This is clearly a major step towards capital controls as we saw with the Cyprus bail-in.”
The cash withdrawal limits and international wire transfers policy is reportedly scheduled to take effect on November 17.
JP Morgan Chase told Fox News that nothing was abnormal, and that its actions were a part of “streamlining” and “derisking,” and that the process has been planned for months.
Wrote Fox News:
“The fear is small and medium-sized businesses could be hurt by the restrictions. But the bank says these were typically mass accounts opened on the Internet, with no bank representative managing them, where domestic or international wire transfers could be sent without bank oversight.
“The bank says it is ‘derisking’ these accounts by streamlining the number of customer accounts from, say, six accounts with no bank contact or representative to three accounts with a bank rep managing them. Also the bank said some of the accounts customers had signed up for did not have wire transfer services that customers had wanted, or had limited withdrawal services, but that the bank is instead transferring these customers into new accounts that do provide these services.”
Off The Grid News reported in mid-October that a Columbia University professor is warning that hyperinflation and a financial collapse may be merely months away in the United States.
Do you think the JP Morgan Chase Bank cash withdrawal limits and ban on international wire transfers indicates a financial collapse may be coming?