Largest Bank In America Joins War On Cash

Posted: April 24, 2015 by gamegetterII in Uncategorized

The war on cash is escalating. Just a week ago, the infamous Willem Buiter, along with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash (something that was already been implemented in Louisiana in 2011 for used goods). Today, as Mises’ Jo Salerno reports, the war has acquired a powerful new ally in Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of “any cash or coins” in safe deposit boxes.

Buiter defended his “controversial” call for a ban on cash, as Bloomberg reports:

“The world’s central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut — they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy.

Read the rest @ http://ncrenegade.com/editorial/largest-bank-in-america-joins-war-on-cash/

Comments
  1. gamegetterII says:

    I don’t deal with Chase,not sure if there’s even a Chase bank anywhere near me-however,last summer,after finishing a fairly large job,in which I was paid by the standard AIA contract-percentage of completion draw, I was cashing large checks every Fri-had to pay for materials,pay the crew,pay myself.
    During the 4 1/2 weeks it took us to complete the job,I cashed the weekly draw check at the customer’s bank,with no problems.
    The last week’s check was for a little over $7,000.00-on Fri,the bank-Key bank,told me-and I quote-“we don’t keep that kind of cash on hand,you’ll have to come back Monday if you want cash”
    The bank mgr knew exactly what was going on,as the customer had set up the account for the purpose of paying for the renovations to his home,and introduced me to the bank mgr,and informed her that I would be cashing large weekly checks.
    Withdrawing cash that the bank knows damn well is not from a suspicious source,and cashing a check for the person the bank was told would be cashing large checks EVERY FRI from THAT acct should not have been a problem.
    I ended up taking the check to my personal bank-explained the problem-and they just said okay,here you go,how do you want that,are 100’s ok?
    Why the games concerning cash deposits and withdrawls?
    Especially from established customers?

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  2. dawg417 says:

    I have Chase as my bank and there is no ban on cash transactions,here is the policy on cash deposits:
    Important news about cash deposits
    When making a cash deposit, please:
    • Deposit only into personal accounts that list your name
    • Be ready to show a valid ID for deposits to personal and business accounts
    Please talk to us about alternative deposit options. We’re happy to help.
    © 2014 JPMorgan Chase Bank , N .A . Member FDIC
    TB-214-CAS

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    • gamegetterII says:

      “Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of “any cash or coins” in safe deposit boxes.”

      Notice it says “in select markets”,they’re probably going to see how much resistance they get from customers before they decide whether or not to enact the no cash bullshit everywhere.

      Like

      • dawg417 says:

        In January 2014, JPMorgan Chase & Co., the largest bank in the U.S., announced that in order to head off potential money laundering issues, it would be implementing a policy that requires customers making cash deposits to show identification and that prohibits customers from depositing cash into personal accounts on which they are not listed as account holders:

        image: http://www.snopes.com/business/graphics/chase.jpg

        The policy applies only to cash deposits (not negotiables such as checks or money orders) and only to deposits made into consumer and business accounts (not investment, Treasury and commercial accounts). The restrictions, for example, limit the ability of parents to deposit cash into the accounts of their children who might be away from home (e.g., at college or on vacation) if the parents are not listed as joint account holders, but Chase customers can add authorized signers to their accounts to work around this limitation.

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