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Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!

 
Anonymous Coward
User ID: 46650213
United States
10/16/2013 12:38 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
It's just a form letter from Chase. Everyone is getting them.

If you send business wires, you can upgrade to the next highest account for $20 a month and still send internationally. Additionally, the upgraded account waives your first two domestic wire fees each month. So if you also send regular, domestic wires, you actually come out ahead by $30 per month.

Doom off.
 Quoting: Anonymous Coward 15015575


That explains it. Fuck Chase.
mr_brightside74

User ID: 32724772
United States
10/16/2013 12:56 PM

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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
I have spoken with my bank (BofA) and they are saying they have no such policy now or in the future.
Mr. Brightside
Anonymous Coward
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10/16/2013 01:08 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
I have spoken with my bank (BofA) and they are saying they have no such policy now or in the future.
 Quoting: mr_brightside74


That's because BOFA still has a lot of big company clients. Chase only have low lives as clients.
Anonymous Coward
User ID: 48454969
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10/16/2013 01:19 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
It's just a form letter from Chase. Everyone is getting them.

If you send business wires, you can upgrade to the next highest account for $20 a month and still send internationally. Additionally, the upgraded account waives your first two domestic wire fees each month. So if you also send regular, domestic wires, you actually come out ahead by $30 per month.

Doom off.
 Quoting: Anonymous Coward 15015575


Yep.
Anonymous Coward
User ID: 25454652
United States
10/16/2013 01:22 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
John Stadtmiller, on Republic Broadcasting Network's "The National Intel Report", read a banking-related letter, whilst on-air, on yesterday's show.

If you're a business customer and currently make international wire transfers (or think you might want or need to make them in the future), you might want to contact your bank and check to see if your bank is planning to make any similar changes which will, or may, affect you.

The letter contained the following:

***********
"We're making changes to your account.

Dear Business Customer.

Starting November 17th of this year 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 reoccurring ones you schedule to be sent after this date.

Your cash activity limit for these amounts will be **K USD 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 any branches including purchases of money orders and ATMS.

These changes will help us more effectively manage the risk involved in these types of transactions.

You're receiving this based on the activity of your checking accounts.

Based on the activity at the time these changes will not likely affect the way you bank.

If you have business savings accounts, you'll see a message on your statement that you can't send domestic or international wire transfers from savings accounts starting November 17th."

***********

As John mentioned, you could be forgiven for wondering whether such measures are being implemented with "bail-ins" in mind, and / or "locking-down" money movement of certain types.

Heads-up!

:)
 Quoting: eissco


Link? Can anybody else confirm?
 Quoting: EscapeVelocity


Sr. Treasury Manager at a Fortune 500 company here. Heard nothing about this from any of the 8 Money Center banks that we use to manage our multinational business.

Plausible enough in these times that I will investigate, but would not take this statement as fact prima facie without corroboration from multiple independent sources.
Cassandra's Echo

User ID: 757154
United States
10/16/2013 01:23 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
Similar notice for this California credit union:

[link to www.callfcu.org (secure)]

And this one:

[link to www.gtfcu.org (secure)]

Possibly they are rolling this out slowly and in stages?

Last Edited by Cassandra's Echo on 10/16/2013 01:24 PM
RoosterMorgan

User ID: 40912250
United States
10/16/2013 02:39 PM

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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
We received one today. Have a look for yourself.

[link to i43.tinypic.com]
 Quoting: RoosterMorgan


Do they not offer you a way to make International Wire Transfers?
No options what so ever?

Did anyone call them?

This just seems unlikely on one hand, to incredibly doomy on the other!
 Quoting: 2012Portal


Haven't had a chance yet as it arrived today, and I didn't get it until after banking hours. I'm planning on calling in the morning. We also do legitimate international wire transfers and if true, will effect us in a real way. You literally know as much as I do. I will post when I get more details from the bank.
 Quoting: RoosterMorgan


Called the bank this morning. This is just an example of Chase being seriously douchey. We can still make international wire transfers...if we upgrade to their new product line. The cash deposits clause are for all accounts. Well, I've been meaning to shop for a new bank. Guess there's no time like the present.
valpopy
User ID: 32558265
Belize
10/16/2013 03:10 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
Luisport, this page is no longer on this web site on the first page? Cant find it anymore. Tks!
Anonymous Coward
User ID: 32558265
Belize
10/16/2013 03:19 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
This thread should be PINED!!!

bumpbumpjavascript:doSmilie(':bump:');
An Ordinary Greek

User ID: 48243396
Greece
10/16/2013 03:49 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
Uh, oh, it's on Zerohedge too.

[link to www.zerohedge.com]
pool
Netizen Ribbonmind

User ID: 19563358
United States
10/16/2013 03:56 PM

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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
Just proves International Banks will steal American money.
"The earth is mother of us all, for she is just; but you, because you are unjust have pretended that she is your mother alone; and if you do not stop, I will not permit you to remain upon her."

[link to www.livius.org]

FOLLOW EBOLA:
Thread: PAGE 1 UPDATES: Countries with Ebola~~ Suspects, Positives, Negative, Maps ~BORDERS CLOSE~COMPANY EXIT LIST
valpopy
User ID: 32558265
Belize
10/16/2013 04:18 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
This thread HAS TO BE PIN!!!!!!

I am an expat, and this will affect all the expats!!!

bumpbumpbumpbumpbump
Cassandra's Echo

User ID: 5556449
United States
10/16/2013 05:01 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
Um, I don't know anything about these people, nor do I really care to be honest. I do, however, know that in this case,they are right. The letter and what it says are real. We received on today. I know the linky or you stinky rule, so here ya go. Off my desk, into the scanner, just for you guys.

[link to i43.tinypic.com]
 Quoting: RoosterMorgan:MV8yMzg0NDgzXzQwODEyODU5Xzc4NUYxNkV


Hey, did you send your letter to the fat man, or has it gone "viral", dude?

Because it is on his site.
Anonymous Coward
User ID: 47369764
United States
10/16/2013 05:40 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
drudge.com has a story about this exact thing......warning it will take you to fat mans site. still very newsworthy!
hannah50

User ID: 47726255
United States
10/16/2013 05:50 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
With regards to the letter, imagine how many online sites/sellers this affects (bolded bit). So say you own an eBay store in the USA, and offer international shipping. Buyer finds items defective, not as described, etc - you can't refund their monies?

John Stadtmiller, on Republic Broadcasting Network's "The National Intel Report", read a banking-related letter, whilst on-air, on yesterday's show.

If you're a business customer and currently make international wire transfers (or think you might want or need to make them in the future), you might want to contact your bank and check to see if your bank is planning to make any similar changes which will, or may, affect you.

The letter contained the following:

***********
"We're making changes to your account.

Dear Business Customer.

Starting November 17th of this year 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 reoccurring ones you schedule to be sent after this date.

Your cash activity limit for these amounts will be **K USD 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 any branches including purchases of money orders and ATMS.

These changes will help us more effectively manage the risk involved in these types of transactions.

You're receiving this based on the activity of your checking accounts.

Based on the activity at the time these changes will not likely affect the way you bank.

If you have business savings accounts, you'll see a message on your statement that you can't send domestic or international wire transfers from savings accounts starting November 17th."

***********

As John mentioned, you could be forgiven for wondering whether such measures are being implemented with "bail-ins" in mind, and / or "locking-down" money movement of certain types.

Heads-up!

:)

[link to tinypic.com]
 Quoting: eissco
RoosterMorgan

User ID: 40912250
United States
10/16/2013 07:00 PM

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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
Um, I don't know anything about these people, nor do I really care to be honest. I do, however, know that in this case,they are right. The letter and what it says are real. We received on today. I know the linky or you stinky rule, so here ya go. Off my desk, into the scanner, just for you guys.

[link to i43.tinypic.com]
 Quoting: RoosterMorgan:MV8yMzg0NDgzXzQwODEyODU5Xzc4NUYxNkV


Hey, did you send your letter to the fat man, or has it gone "viral", dude?

Because it is on his site.
 Quoting: Cassandra's Echo


Um, the only place I posted that was here, on this thread. Huh, who'd woulda thunk.
LOU LA BELLE
User ID: 2328655
United States
11/17/2013 09:13 PM
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Re: Attention US Business Banking Customers - No International Wire Transfers After November 17th. Cash Withdrawal Restrictions Starting!
son and daughter in law are in europe and had a problem with credit union transfers.

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