Outgoing International Wires discontinued by Bank

reply to post by hounddoghowlie


This is EXACTLY what I do. We have been using this method to pay bills for the last few years. We learned the hard way when the government reached into our checking account and levied it for a ticket given in a state neither of us had ever been to. It took us months to get all the kinks worked out. After that... I don't put my money in banks. We put money on the card and then pay bills immediately so it doesn't sit that long there either.

A lot of folks don't realize how something like that makes you a little ambivalent to trust anyone with your money. The money they levied was for our house, power, water, vehicles, etc. Living paycheck to paycheck, I deposited a large sum to pay those bills only to find out that it was taken before it even cleared. If not for family we may have lost a lot. It would have put us a month behind on everything we owe. The insecurity that causes stays with you forever I think.

It happened to me. It has happened to others and it may happen to everyone before this is all over with. I wish more folks knew that they could have their assets in the bank levied at any time very easily. They are never in a hurry to give it back (after a mistake) either.

I don't think most of us ever give a second thought to not being able to get our money when we need it or want it. We should, but we have become too comfortable and choose to ignore "what if" scenarios more often than not.

reply to post by Kangaruex4Ewe


And, remember MF Jon Corzine - "just doesn't know what happened to 2 billion dollars" of other people's money........

Wasn't charged with anything - didn't lose his houses, or the shirt off his back......

Happy1
reply to post by Kangaruex4Ewe

 

And, remember MF Jon Corzine - "just doesn't know what happened to 2 billion dollars" of other people's money........

Wasn't charged with anything - didn't lose his houses, or the shirt off his back......

It's kind of funny how that works isn't it? I guess having money not only makes you rich, it makes you less guilty in any given situation.

reply to post by FyreByrd


That makes a lot of sense - think about it, if there is going to be an economic crash, a lot of extremely rich people and corporations would want to wire their money into offshore accounts.

So this must be a preparation of some sort for the debt default, to lock the money onto the mainland. That could mean that it might be seized as well.

We really could be looking at a massive asset seizure.

Question then: is there going to be a bank run? Add that to the list of things to do, get food, get gas, get some cash... honestly though, I've always been big on functional assets or something besides cash.

Kangaruex4Ewe
It's kind of funny how that works isn't it? I guess having money not only makes you rich, it makes you less guilty in any given situation.

It seems to, because it makes someone less empathetic to the struggles the poor and pretty much everyone else have.

xuenchen

Get ready America !!!

We've only got one chance left.

We can easily take it back if we want to.

Common Americans have not been running this country for a very long time. The foreign players and domestic traitors that are running this country are prepping the nation for a crash landing.

Just something I thought I'd add.

There may very well be problems with non corporate international wire transfers, but I can assure you first hand there is no problem with corporate international wire transfers.

The global corporation I work for quite literally makes multiple million dollar international outbound transactions to pay debts incurred. We operate throughout Europe, the Middle East, South America, and South East Asia.

I have personally overseen hundreds of millions of dollars of payments to international bank accounts.

Not a single problem.

Now, I'm not going to say that if there is truly a development where non-corporate entities cannot initiate international outbound wire transfers that it's a good thing.

But truthfully, there is money to be made in making these transfers. I cannot begin to imagine a money hungry bank turning down the fees they incur on every single leg of the transaction.

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???

Honestly, I'd doubt this was a hack, or anything else along those lines. I've experienced things like this before.

If I were in your shoes, and the same thing happened again, or even say this morning, then I'd be on the alert and contact the appropriate sources. Otherwise, I'd be surprised if this happened to you again.

An interesting development. I used to have a credit card with Chase, but let it expire some years ago. For some obscure reason, unknown to me, the clowns still send a quarterly bill for $1 something. That's been going on for years now.

I wonder if other banks have a similar rule as this?

reply to post by FyreByrd


My bank hasn't squashed international wire transfers, but they did recently jack up their wire transfer fee from $10 to $15 per transaction. It's the first time I've ever been unhappy with my bank- and I've been with them for YEARS!

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

There are countries that a bank client is forbidden to send international wires, but this has more to do with government trade restrictions, and not bank policy. (I am thinking North Korea, Iran, etc.)

As far as wire costs go, the cheapest way to send a recurring wire overseas is through the bank's online Treasury/Foreign Exchange software platform. Wires that would normally be sent in U.S. dollars overseas can run as $45-60 per wire or more at some banks, but as low as $15 per international wire if the funds are sent using a Treasury software platform and sent via a foreign currency, such as Euros.

Also, as far as costs are concerned, there is both risk to the bank, as well as operational costs associated with wire transactions. The cheapest route is to send the wires electronically through an online banking platform. It is more expensive to have the wires sent manually, or via a telephone call, or at a local retail bank branch. The more manual the process, the more expensive.

By risk, I mean that if a wire gets sent to the wrong location and it is the bank's fault - For example, the wire is sent by the bank and the bank officer processing the wire sends the wire to the wrong account number on accident - this poses undue risk to the bank in the event the wire cannot be recovered.

These risks are passed on to bank clients in the form of higher wire transfer fees. It doesn't take too many botched wire transfers to cost the bank plenty.

I've also seen clients attempt to sue the bank for millions of dollars when the wire was sent overseas and it turns out the funds deposited for the wire bounced. I.e., you deposit a "certified check", you send a wire, and then 3 days later the check bounces and your account is now overdrawn. You attempt to sue the bank for the wire sent on bogus funds deposited. Banks usually win these cases, but in the meantime, an overdrawn checking account means a loss, if you will - for the bank.

littled16
reply to post by FyreByrd

 

My bank hasn't squashed international wire transfers, but they did recently jack up their wire transfer fee from $10 to $15 per transaction. It's the first time I've ever been unhappy with my bank- and I've been with them for YEARS!

Is that online or in person? Wells Fargo charges $45.00 per online wire transfer which can be in any amount. They are still allowing them.

reply to post by UnifiedSerenity


That is for online or in person, either way. The fee is now $15 for sending OR receiving money via wire transfer. $45 is a lot.... I'd look into another bank if you do a lot of wire transfers.

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.

SadistNocturne
Just something I thought I'd add.

There may very well be problems with non corporate international wire transfers, but I can assure you first hand there is no problem with corporate international wire transfers.

The global corporation I work for quite literally makes multiple million dollar international outbound transactions to pay debts incurred. We operate throughout Europe, the Middle East, South America, and South East Asia.

I have personally overseen hundreds of millions of dollars of payments to international bank accounts.

Not a single problem.

Now, I'm not going to say that if there is truly a development where non-corporate entities cannot initiate international outbound wire transfers that it's a good thing.

But truthfully, there is money to be made in making these transfers. I cannot begin to imagine a money hungry bank turning down the fees they incur on every single leg of the transaction.

I'm not asking about Big Business Banking but everyday small business banking.

Large Corporations make their own rules anyhow - I wouldn't expect this to affect their accounts.

Sure Hope Chase Bank, Their CEO's, and Major Stock holders got their money out of the Cayman islands or swiss bank accounts before making this change.

Uh oh! No more sending US dollars down to Tijuana! That will put over half the check cashing places in my area out of business......good.

FyreByrd

I'm not asking about Big Business Banking but everyday small business banking.

Large Corporations make their own rules anyhow - I wouldn't expect this to affect their accounts.

edit on 13-10-2013 by FyreByrd because: (no reason given)

In all reality, I think you're seeing a conspiracy where there probably is none. I've got news for you, banks make money by charging pennies as well as by charging $100K's of thousands of dollars for their services. One of the single largest banking scams every pulled off was by a pair of computer programmers back in the 80's who realized that if they changed their programs to simply round credits off to the nearest whole penny, and move that portion of a penny to their own secret account, they made MILLIONS between themselves back in the 80's. So you see, there is potential for significant wealth even in charging paltry sums for small financial transactions. This is the ONLY difference between your "large corporation" vs "small business" scenario. Large corporations move large sums of money, small business move smaller sums. But even millions can be had in allowing small business to access a banks services.

So you tell me, why in the F*CK would you decide to stop allowing small businesses or individuals to use your services, when millions of dollars are at stack from doing this business? Millions. Not as much as it once was in the 80's, but still a significant amount.

Know how rich people get and stay rich? They get every single F*CKing penny they can get their grubby hands on.

But, you have figured out that some huge evil scam is afoot to refuse to do business with small sums, and thus cheat these bankers out of their hard earned pennies, which will add up to millions.

Yepp, you've figured it out. Congratulations. Here's your tin foil antenna for your tin foil hat. You'll get the Antarean transmissions much better with these. Enjoy!!!!

Well this is scary... Considering I have mutual funds invested in foreign currency etc... I was just glad not too many people heard about that lil oil spill by the oil basin in ND either...

I think it's time to keep our eye on the ball here.

Our financial system is an illusion.