Offhand, I estimate that 80% of the banking in the U.S. is done at only four or five mega-banks, one of which is JP Morgan Chase.
I got a fishy letter from Chase a few days ago:
You will no longer be able to send international wire transfers….
Your cash activity limit for these accounts will be $50,000 per statement cycle, per account. Cash activitiy 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.
[Bold in the original.]
“These changes will help us more effectively manage the risks involved with these types of transactions.”
Please note that I seriously doubt I’ve been singled out for this letter. I’ve never wired money internationally. The letter did mention I’m “…receiving this letter based on the activity of your checking account(s) as of June 30, 2013. Based on your activity at that time, these changes are not likely to affect the way you bank.” [Bold in the original.]
It sure sounds like Chase wants to restrict my ability to move my money around as I see fit.
I wonder if this has anything to do with recent banking events in Cyprus and Poland, where the governments confiscated financial assets of private individuals to pay for poor planning by the politicians, i.e., budget deficits.
If you have any insight, please enlighten me.
Update October 16, 2013:
Alex Jones’ Infowars has an article on this issue, including a copy of the form letter I received from Chase. It’s small consolation to know I wasn’t singled out for the letter.