Market Watch

Chase Bank Transfers. Sorry, Domestic Only

I hope this ones a little less spicy than it seems. These are the kind of reports that make one take a second look at their own financial situation. It seems Chase bank is a bit worried about the debt limit not being resolved. How worried? Well, were only going to allow domestic transfers…..

In a bizarre and unexpected move, Chase is notifying customers that after November 17th the bank will ban all international wire transfers and place limits on the amount of transfer activity that can occur within a billing cycle. Chase claims this new policy is coming in to play to minimize risks.The letter being sent to customers says the following.

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.

Many Chase customers are confirming the letters are legitimate and coming through the mail.

I have a hard time believing that Chase would go to these lengths without having something staring back at them on paper that is scaring the b-jesus out of them. Lets hope this one is more hype than substance. You can read and watch Video HERE.