Last month All News Pipeline warned that major banks were preparing to tighten the screws on American account
holders starting April 1st.
It appears that the lock-down of cash has begun.
Citing criminal activity as a factor, JP Morgan is limiting cash withdrawals at ATM machines.
The bank said there doesn’t appear to be fraud involved. But partly due
to heightened regulatory scrutiny, banks are paying more attention to large
cash transfers that could be a sign of money laundering or other types of
shady activity. Typically, the card-issuing bank sets withdrawal
limits, not the bank owning the ATM.
The move by the largest bank in the U.S. doesn’t affect J.P. Morgan
Chase’s own customers, whose maximum daily withdrawals are set depending on
the client’s account type. The bank has seen high-dollar withdrawals at both
new and old ATMs, said bank spokeswoman Patricia Wexler.
J.P. Morgan Chase’s change last month affects roughly 18,000 automated
teller machines nationwide and followed an interim step earlier this year
limiting noncustomer cash removals at $1,000 per transaction. The earlier
move was made as a temporary fix while the bank could make software changes
to roll out the more stringent daily limit, Ms. Wexler said.
She added that the bank “felt it was prudent to set withdrawal limits on
all of our ATMs” after identifying some large cash withdrawals from
noncustomers.
In 2015 we warned readers to divest some of their assets out of bank
accounts for this very reason, noting that bank glitches and arbitrary
holds would begin to affect more and more depositors. And while
the recent move by JP Morgan Chase appears to only affect non-customers, a
recent report indicates that the Justice Department has advised bank
tellers nationwide to keep any eye out on cash transactions. Suspicious
activity, which by the government’s definition is as little as $3000, should
be reported to law enforcement and under existing guidelines police can then
seize those funds without charge or trial:
“[W]e encourage those institutions to consider whether to take
more action: specifically, to alert law enforcement authorities about the
problem, who may be able to seize the funds, initiate an investigation, or
take other proactive steps.”
After the massive bailouts required to save the system following the crash
of 2008 banks and regulators worked together to ensure that all deposit accounts in the United States are no longer the
property of depositors, but rather, the banks themselves.
All customer funds in the United States are now the legal property
of JP Morgan, Goldman Sachs, BNYM, or whichever megabank is the counterparty
on the loans the FCM or depository institution takes out in order to
fund its mega-levered proprietary in-house trading desks.
In a recent interview intelligence insider Jim Rickards discusses this
recent trend and provides insights into how susceptible the banking system is to not just cyber
warfare or power grid failure, but confiscation in the form of bank bail-ins or outright government seizure.
Also Read:
Intelligence Insider: How To Protect Your Assets From
Critical Infrastructure Failure: “Power Grid, Banking System, Cyber Financial
Warfare”
This is Why You Need Your Money Out of the Bank: Freeze Outs,
Glitches and Holds Increasingly Locking Customers Out of Funds
How to Hide Your Money Where the Bankers Won’t Find It
What Guns? What Gold? Prepper Tips On “Hiding Your Guns in
Plain Sight”
Future Money: Why The State Is Trying to Outlaw “Disruptive”
Cryptocurrency
