It is always wise to be aware of any limits on freedom, but financially speaking, it is extremely important to read the writing on the wall and take precautions not to get caught in a trap. Chase Bank has just set the trap!
According to this article at Infowars.com by Paul Joseph Watson, Chase Bank beginning November 17th and after will limit cash withdrawals for its business customers while at the same time banning any outgoing international wire transfers. This is scary business, and is an indication of possible massive trouble in the future.
The limit on cash withdrawals will be set at $50,000 per monthly statement cycle, meaning that customers will not be able to withdraw their own money from their accounts. The $50,000 limit is inclusive of all cash transactions, so it is worse than it may seem at first glance. Chase’s language reads:
“- 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.”
Obviously, this is causing much speculation as to the reasoning of such an aggressive move. I have for a very long time warned about keeping very much money in the banking system, and this maneuver has greatly solidified that opinion.
This bank may be preparing for what it perceives as a possible economic debacle. Also, by restricting outgoing international wire transfers, it is implied that Chase is worried about major problems with the U.S. dollar or is attempting to lock up domestic assets to prevent flight. Either way, this should be a wake up call to all those who entrust large cash holdings to the large banking system.
There is no way to be absolutely certain of the motives of Chase Bank, but obviously, something is causing this restrictive strategy to go forward. We all remember what happened in Cypress when their economy defaulted. Is that why Chase is preparing to lock down cash assets and international wires?
It is time to be very cautious, and it is time to prepare for possible future economic chaos. Could the worst happen? I think it could, and given the right circumstances, takings by banks like those that happened in Cypress could be in our future. These withdrawal and other restrictions by Chase Bank could just be the beginning, but they certainly are telling of the obvious panic in the banking sector.