Cash Limits Are All About Control Over You, But You Can Take Back the Power
BY SAMUEL BRYAN
SchiffGold.com
APRIL 8, 2016
JP Morgan Chase Bank just fired another salvo in the “war on cash.”
The bank recently capped ATM withdraws for non-Chase customers at $1,000 per day. The move came after the bank began installing new ATMs that dispense $100 bills. Some people were reportedly pulling tens of thousands of dollars out at one time, according to a report in the Wall Street Journal. A spokeswoman said the bank “felt it was prudent to set withdrawal limits on all of our ATMs.”
Chase claimed the move was primarily to fight fraud. This is always the justification used when banks and government agencies slap limits on access to cash. But according to the WSJ report, there haven’t been signs of criminal activity in the recent big-dollar cash withdraws from Chase ATMs:
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.”
So, there isn’t any evidence of fraud, but we have to fight the fraud. It doesn’t really make sense, does it?
Here’s the real reason financial institutions and government officials want to limit cash – control.
The Rest…HERE
