Recently Chase Bank has imposed a total ban on all international wire transfers and also sets a limit for cash withdrawals from the bank putting their account holders pondering over the motive behind such moves.Letters have been sent to the businesses organizations having Chase Business Select Checking and Chase Business Classic accounts and individuals holding savings bank account stating that, henceforth, they will not be able to make international wire transfers including the recurring transfers. However, making domestic cash transfer and receiving international wire transfer will be permitted. Cash activities in such accounts will also be limited to $50000 maximum in one statement cycle.
This amount will include cash deposited to the branches and dropped into the ATMs and withdrawal made from the branches and ATMS of the Bank. Chase Bank confirmed afterwards in a tweet that the customers can opt for such services through more expensive special international bank accounts. Such move of limiting cash activities and banning international wire transfers is a bizarre one, and will force many small and medium size businesses, having accounts with Chase Banks and mainly dealing in cash, to close down their business.
Small organization will find it difficult to do overseas purchases and paying employees will also be difficult. While Chase Bank Claims that such move has been taken for mitigating the risks associated with such transactions and for managing the accounts more effectively, speculations are on as to the real reason for such announcement. Experts think that this is a step taken by Chase Bank for preparing to face some economic crisis. The reputation of the bank is also under scrutiny as many account holders across the states are withdrawing money from the ATMs for bringing their account balance to zero. via hangthebankers