Outgoing International Wires discontinued by Bank

reply to post by FyreByrd


Remittance transfer rule (amendment to Regulation E) The rule

EFFECTIVE DATE
This rule is effective October 28, 2013.

Source: www.consumerfinance.gov...

People need to calm the heck down.

This is all a fiat illusion.

The money/debt never existed in the first place, TPTB created it and control it.

How many people read TheBandit's thread about the Federal Reserve explained in 3 minutes?

www.abovetopsecret.com...

Yes the market can crash, but do any of you realize where the true value of anything is?

Your time and sweat equity, everything else is just a promissory note, in good faith and that faith has been undermined for years and years.

Stop with the affliction of panic, chaos, and the world is going to end, because even if everything in the world crashed financially. Guess What?

You would still exist and be the same person.

And most likely you sure the hell wouldn't want to trade your time for more BS promissory notes. It would be time for a whole new way of life.

You could choose a one world currency from TPTB, because you are still afraid, or another way of trading time for things really needed in life.

Ask yourself this question right now.

How much of your life have you already wasted trading precious time in your life for money that can disappear in a split second?


Peace,

RT

Firebyrd said:

The OP is about an official letter from Chase Bank announcing changes to the Terms and Conditions of the Company Small Business Banking Account. No doubt - it was clearly state that outgoing international wires were no longer available.

Again, I don't believe this to be accurate. Chase banks literally millions of small business clients, and they would not be competitive with national, regional, and local banks if they carte blanche stopped doing international wires for small businesses.

Now, it also depends on what type of business received the letter. For example, if the company was in the money services business, where it was cashing checks from illegal immigrants, for example, then Chase might have a policy against international wires in this particular case.

Chase tends to be on the forefront of a lot of these regulatory changes compared to their peers. They are very strict about money services businesses, for example, and in many cases they have exited whole industries based on risk factors. This was especially common right after the Patriot Act was passed.

Again, I don't believe you can make the jump that Chase - or any other bank for that matter - is restricting small businesses from sending international wires. This could very well be a targeted campaign to a select industry based on risk factors.

We would need more information to make sense of the decision. Inciting hysteria and hype without all of the facts is a bit misleading.

Banks send these letters for a whole host of reasons - The client didn't pay their bill for the wire fees, or the client is repeatedly sending wires to restricted countries, etc. Obviously, Chase is taking pre-emptive action to protect themselves and whatever international wire activity was being done was raising some red flags in either your business or businesses similar to yours.

Time to get into Bitcoin


www.youtube.com...

Well the banks are putting more money in their ATMS, I suggest that people take out as much as they can before the 17th.

(and if nothing happens not exactly that hard to deposit that money back)

If something is going down, the money will be worthless - but will likely be worth something for the first few days after an event.

wasaka
Time to get into Bitcoin


www.youtube.com...

and the net gets shut down, what do you do then?

I recommend buying food and water, stuff that you need to survive.

liveandlearn
Strange...just tried to log into my brokerage account to see if there had been changes on outgoing wires and my user name and password were not accepted. This has been my user name an password for years. Then they asked me for a clue which has never been asked before...my paternal grandfather's name. Typed in his adopted father and even the presumed natural father and both was denied. Hacked???

You might have been victim of phishing / malware man-in-the middle to capture your passwords. Talk to the bank by PHONE immediately and check for any fraudulent activity. Change your passwords!!!!

reply to post by CookieMonster09


Yes, that's probably right. They are worried about increased regulatory scrutiny and anti-money-laundering/terrorist investigations. (They probably had some small businsess run by Somali immigrants sending money to al-Shabab front or something). My guess is that they will by default turn everybody off from international transfers and you will have to apply individually for exceptions and show documentation about the intended target.

since the FDIC uses banks to pay out on it's deposit insurance, your FDIC guarantees are a joke, it's downright fraud as there can be no mechanism to protect your deposits during a catastrophic and systemic bank failure. Remember that, when the bank tells you your account is insured for the first $100k. The FDIC may give you a warm fuzzy feeling, but only as long as your not looking past it and rationalizing it's structure.

The FDIC deposit insurance scam is almost like saying that you're insured to have fuel for your car, after all the fuel has run out and no more can be made LOL.

wow, no wonder they raised the ceiling from 100k to 250k.. thats a big jump and its because they (soulless greedy humans hiding behind corps) want more more more deposits to steal before tshtf!

CookieMonster09
Firebyrd said:

The OP is about an official letter from Chase Bank announcing changes to the Terms and Conditions of the Company Small Business Banking Account. No doubt - it was clearly state that outgoing international wires were no longer available.

Again, I don't believe this to be accurate. Chase banks literally millions of small business clients, and they would not be competitive with national, regional, and local banks if they carte blanche stopped doing international wires for small businesses.

Why would I lie or misrespresent something like this. I received three letters from Chase Bank one for each Checking account this company has with Chase Bank.

I was asking if anyone else had any information. Anyone in the banking industry or any one else that received such a letter.

If I had a pdf of the letter I'd attach it (if I could figure it out). But I don't.

I read it several times because I found it so distrubing.

The business is a simple contracting business with only domestic (and no WIRE TRANSACTIONS AT ALL).

I'm not making any 'JUMP' just asking for information.

If this is really happening is it possible that the kill switch is also part of it?

reply to post by FyreByrd


I got the same notice. I'm just entering into a business relationship with a company in the UK. I was wondering how we are going to pay them if I can't do wire transfers? Very disturbing!

I think this is for all personal and small business accounts across the U.S., maybe not banned, but maybe FDIC enacted new requirements for outgoing international that most banks are just opting out of.

Take a look at all the results on this search!:

www.google.com...:en-USfficial&client=firefox-a< br />
www.patelco.org...
Wire cut-off time is 1:00 PM PST. Note: International outgoing wire transfers are discontinued effective 10/1/13.

www.ufcu.org...
Outgoing International Wires Discontinued As of October 1st, UFCU no longer processes outgoing international wire transfers

insightcreditunion.com...

Also it looks like some new regulations went into effect Oct 1st concerning wire transfers since every result says: as of Oct 1st 2013

Looks like this is related to which banks are willing to comply with Dodd Frank section1073

www.banktech.com...

seandean
Looks like this is related to which banks are willing to comply with Dodd Frank section1073

www.banktech.com...

edit on 14-10-2013 by seandean because: (no reason given)

edit on 14-10-2013 by seandean because: (no reason given)

Thank you for the info. My sporatic searches for information about this has turned up the same regulatory restrictions and I think that a lot of Banks are choosing not to provide the service at all to their small customers rather then comply with the, sensible, requirements.

That said, they will still do it for bigger customers (I assume as that is where the banks make their money) and will have to set into place systems to report to customers charges and exchange rates for each transfer. Why would complying with small customers create any more work for them.

I don't think Banks want small customers anymore. This is probably a good thing for consumers anyway and will encourage more depositors to use Credit Unions and Local Banks.

Again, SeanDean, Thank you for the info.

reply to post by MidnightTide


It is possible that paper money could become absolutely worthless. What's to lose?

FyreByrd

CookieMonster09
I tend to cast doubt on the original post. Outbound international wire transfers are the norm, especially for corporations.

The OP is about an official letter from Chase Bank announcing changes to the Terms and Conditions of the Company Small Business Banking Account.

No doubt - it was clearly state that outgoing international wires were no longer available.

I must agree with you. And am curious as to the bank's ulterior motives. Why not do the transfers and charge the fee?

As only a customer, I don't mind paying a fee for the service. $45 sounds way on the high side, but their interest is the bottom line.

Most of those transfers are done by correspondent banking or clearinghouse transactions, no? In other words banks hold accounts at other banks and they just credit or debit each other's accounts, or a clearinghouse moves money around.

reply to post by SadistNocturne

I must agree with you. And am curious as to the bank's ulterior motives. Why not do the transfers and charge the fee?

Because the fines from the government are too onerous and expensive if a wire is sent to an illegal third party or "restricted country" (think Iran, North Korea, etc.). The liability and risk is too high for the bank, so they are electing to shut down this service -- apparently --- to a select group of clients.

Banks are private corporations, but they are subject to heavy regulatory pressure, especially when it comes to international wire transfers that could be sent for illegal purposes -- such as funding terrorism, money laundering, etc.

At a certain point, the bank believes that the regulatory fines and fees are higher if such an illegal wire transaction occurs that it is not worth offering the service to the public and earning a profit.

Also, banks lately are very concerned about "reputation risk", or how they will be perceived by the public, especially in light of the immense anger and public hostility aimed at banks since the foreclosure crisis and bailouts took place. The last thing a bank wants is to be in the news because one of their clients was sending international wires to terrorists overseas. The bank would be viewed by the public as being complicit in the act, even if the bank actually did nothing wrong.

gardener

since the FDIC uses banks to pay out on it's deposit insurance, your FDIC guarantees are a joke, it's downright fraud as there can be no mechanism to protect your deposits during a catastrophic and systemic bank failure. Remember that, when the bank tells you your account is insured for the first $100k. The FDIC may give you a warm fuzzy feeling, but only as long as your not looking past it and rationalizing it's structure.

The FDIC deposit insurance scam is almost like saying that you're insured to have fuel for your car, after all the fuel has run out and no more can be made LOL.

wow, no wonder they raised the ceiling from 100k to 250k.. thats a big jump and its because they (soulless greedy humans hiding behind corps) want more more more deposits to steal before tshtf!

edit on 14-10-2013 by gardener because: (no reason given)

You got it, if people think their money is insured, they will put more on deposit, because they'll feel all warm, fuzzy and safe. It's all smoke, mirrors and the ponzi scam that comes with any fractional banking system. This all changed about 10 years ago when the governments changed the laws concerning truth in advertising. An entity can now lie in their advertising and claims, and it is up to the consumer to seek justice in the not-so-just legal system. That takes the burden off government from prosecuting their buddies. Just look at big-pharma ;-) What other collection of organizations do you know of that can sell poisons, lie about it and then be held harmless? How many times do banks fall flat and the depositors loose their hard earned money or their house? Seems to be trending....

Then take a hard look at the stock market, insider trading and commodities manupulation. All I see is Las Vegas version 2.0

Cheers - Dave