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CHASE Limits Some ATM Withdrawls... Run on the Bank?

MickeyW

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J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying it's machines to dispense $100 bills with no limit.
Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day - WSJ



I don't trust banks anymore than I do the government and keep all my business close to the vest. I stopped using ATM machines a few years ago and I keep as little money as possible in the bank.
 

Orly?

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There is crazy stuff going on right now...

Big protests in Iceland calling for "election now" over the panama papers.

I have more BTC than I have money in the bank, but I have more USD cash than BTC sooo...
 

Visbek

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J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying it's machines to dispense $100 bills with no limit.
Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day - WSJ



I don't trust banks anymore than I do the government and keep all my business close to the vest. I stopped using ATM machines a few years ago and I keep as little money as possible in the bank.
Erm... Every ATM has a daily limit. This is mostly to reduce money-laundering and abide by regulations.

There is no "run on the bank." Customers aren't even pulling money from their Chase accounts, since the loophole only applied to non-Chase customers.

Any bank subject to a run would close, get taken over by the FDIC, and it would get reported. Calling this a "run on the banks" is Zero Hedge / conspiracy theory nonsense.
 

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I have not heard this story but crime is big with ATMS now....con artists have been aided by technology, they can now have all of their money with-in 5 minutes of the crime, and we have almost no hope of finding them.

Crime is getting to be a big problem as this civilization continues to fall apart. Take a good look at the US street crime, because no matter what your age you will never see it this low again.

And remember, you heard this from Hawkeye first.
 

Carjosse

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Well it appears to me they are doing this so the bank does not look complicit in money laundering. If you actually have money with the bank you can take out as much as you want.

I think you people are over-reacting. There is no reason to not have full confidence in the banks.
 

Hari Seldon

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J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying it's machines to dispense $100 bills with no limit.
Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day - WSJ



I don't trust banks anymore than I do the government and keep all my business close to the vest. I stopped using ATM machines a few years ago and I keep as little money as possible in the bank.

Do you even read the crap you post. Run on a bank through ATM withdrawals? Are you serious? This has to do with fighting fraud, corruption and illegal activity. Also dealing with software upgrades. As pointed out it only affects non customers. Apparently some overseas ATM's had up to $20,000 dollars removed in one transaction. Can you say drugs. Your money is safer in the bank than most places since it is insured by the FDIC. $250,000 at a minimum. The big banks are pretty slimy but limiting ATM withdrawals is certainly a good thing.
 

Kobie

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I have not heard this story but crime is big with ATMS now....con artists have been aided by technology, they can now have all of their money with-in 5 minutes of the crime, and we have almost no hope of finding them.

Crime is getting to be a big problem as this civilization continues to fall apart. Take a good look at the US street crime, because no matter what your age you will never see it this low again.

And remember, you heard this from Hawkeye first.

"Civilization continues to fall apart"? Good grief. The doom-and-gloom types are always good for a few chuckles.
 

MickeyW

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There is crazy stuff going on right now...

Big protests in Iceland calling for "election now" over the panama papers.

I have more BTC than I have money in the bank, but I have more USD cash than BTC sooo...

Cash is KING! :thumbs::thumbs:

A lot cheaper to buy an industrial vault that no one knows about, fill it full of cash......and bury it on your property, that no one knows you own, except for maybe one or two people, with 24/7 security.

Erm... Every ATM has a daily limit. This is mostly to reduce money-laundering and abide by regulations.

There is no "run on the bank." Customers aren't even pulling money from their Chase accounts, since the loophole only applied to non-Chase customers.

Any bank subject to a run would close, get taken over by the FDIC, and it would get reported. Calling this a "run on the banks" is Zero Hedge / conspiracy theory nonsense.

Awww...but it makes for a good story...yes?

I have not heard this story but crime is big with ATMS now....con artists have been aided by technology, they can now have all of their money with-in 5 minutes of the crime, and we have almost no hope of finding them.

Crime is getting to be a big problem as this civilization continues to fall apart. Take a good look at the US street crime, because no matter what your age you will never see it this low again.

And remember, you heard this from Hawkeye first.

You bet it is Hawkeye! :thumbs::thumbs:

It's no wonder so many Americans are buying guns and ammo like there is no tomorrow. With the massive failures of obama in protecting American citizens, all the while protecting Muslims and illegals, people can see that our country is in deep peril.
Well, people with a brain and some logic who aren't butt buddies with liberal politicians and the complicit media.

Well it appears to me they are doing this so the bank does not look complicit in money laundering. If you actually have money with the bank you can take out as much as you want.

I think you people are over-reacting. There is no reason to not have full confidence in the banks.

BS....there is every reason to not trust banks.................just like the Federal Govt., they aren't your friends! I stopped having full confidence in banks, when they started cooperating with the FBI in investigating private accounts. That's the main reason that even thou I have never owned an Apple product, I admire their resistance to the Feds. They will have a device out soon, that no coper can open.
 

MickeyW

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"Civilization continues to fall apart"? Good grief. The doom-and-gloom types are always good for a few chuckles.

And the liberal dweebs wear blinders and like bending over chairs with their pants down.

Hawkeye is spot on and for those who think they are so smart.......aren't!
 

Kobie

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Cash is KING! :thumbs::thumbs:

A lot cheaper to buy an industrial vault that no one knows about, fill it full of cash......and bury it on your property, that no one knows you own, except for maybe one or two people, with 24/7 security.



Awww...but it makes for a good story...yes?



You bet it is Hawkeye! :thumbs::thumbs:

It's no wonder so many Americans are buying guns and ammo like there is no tomorrow. With the massive failures of obama in protecting American citizens, all the while protecting Muslims and illegals, people can see that our country is in deep peril.
Well, people with a brain and some logic who aren't butt buddies with liberal politicians and the complicit media.



BS....there is every reason to not trust banks.................just like the Federal Govt., they aren't your friends! I stopped having full confidence in banks, when they started cooperating with the FBI in investigating private accounts. That's the main reason that even thou I have never owned an Apple product, I admire their resistance to the Feds. They will have a device out soon, that no coper can open.

In the case of banks, "trust" and "confidence" have distinct, separate meanings.
 

Carjosse

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BS....there is every reason to not trust banks.................just like the Federal Govt., they aren't your friends! I stopped having full confidence in banks, when they started cooperating with the FBI in investigating private accounts. That's the main reason that even thou I have never owned an Apple product, I admire their resistance to the Feds. They will have a device out soon, that no coper can open.

So you do not trust banks for not cooperating with the FBI but admire Apple for doing the same? No device is uncrackable it can always be done, it is only a matter of time.

There is no reason not to trust banks, everything you do is monitored and insured.
 

Hawkeye10

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"Civilization continues to fall apart"? Good grief. The doom-and-gloom types are always good for a few chuckles.

Then we can count you out for being of any help.

Good to know.
 

MickeyW

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Do you even read the crap you post. Run on a bank through ATM withdrawals? Are you serious? This has to do with fighting fraud, corruption and illegal activity. Also dealing with software upgrades. As pointed out it only affects non customers. Apparently some overseas ATM's had up to $20,000 dollars removed in one transaction. Can you say drugs. Your money is safer in the bank than most places since it is insured by the FDIC. $250,000 at a minimum. The big banks are pretty slimy but limiting ATM withdrawals is certainly a good thing.

I read it, and found both flaws and truth......I Don't trust banks and I especially do not trust government to insure my money. If we incur a huge financial meltdown one day in the future, the Feds won't be able to cover what you have and that $250,000 insurance, will be a joke.

That brings me to another bunch of crooks and scammers for the ages....Insurance Companies!
 

Chomsky

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Cash is KING! :thumbs::thumbs:

A lot cheaper to buy an industrial vault that no one knows about, fill it full of cash......and bury it on your property, that no one knows you own, except for maybe one or two people, with 24/7 security.
That's fine and dandy, unless inflation picks-up a bit.


Even without inflation, there's a lot of opportunity-cost lost with large sums of money sitting idly and not earning its keep!
 

Chomsky

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I read it, and found both flaws and truth......I Don't trust banks and I especially do not trust government to insure my money. If we incur a huge financial meltdown one day in the future, the Feds won't be able to cover what you have and that $250,000 insurance, will be a joke.

That brings me to another bunch of crooks and scammers for the ages....Insurance Companies!
To the bolded:

"Now I'm with you here, my friend"! :thumbs:
 

MickeyW

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That's fine and dandy, unless inflation picks-up a bit.


Even without inflation, there's a lot of opportunity-cost lost with large sums of money sitting idly and not earning its keep!

Here is how I see it. If I have cash...I have it in my hand....no one else has my cash in their hands!

Enzo Ferrari, when faced with financial obstacles in starting his company, tried to get a loan from the banks....no dice...screw you Enzo, is all he got.
Sooo, he started his own bank and financed himself.

I learn from history...from the Depression, to that shyster FDR, to Enzo Ferrari. I'm my own bank...operational Since 1970. No permission needed to borrow from myself, no paper work, no second or third party to get permission from....screw the banks!
 

TobyOne

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Everyone should be building a bunker.
 

Hari Seldon

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I read it, and found both flaws and truth......I Don't trust banks and I especially do not trust government to insure my money. If we incur a huge financial meltdown one day in the future, the Feds won't be able to cover what you have and that $250,000 insurance, will be a joke.

That brings me to another bunch of crooks and scammers for the ages....Insurance Companies!

So you stash money in a safe. Brilliant. If as you say there is a financial meltdown and the government is unable to insure the funds then you will still have the same problem as our currency maintains its value because it is backed by the US government. You ever look closely, it says Federal Reserve Note. Basically an IOU from the US Government. If you are going to be an anarchy alarmist you should really invest in gold and stock your basement with MRE's. Maybe build a bomb shelter and keep buying those weapons. You never know.
 

MickeyW

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Everyone should be building a bunker.

No they shouldn't, because they wouldn't know how to defend it or survive in it. Womb to the Tomb, is the Democrat mantra. Too many liberal ninnies out there with no spine. That's the honest truth, albeit an uncomfortable one for many.

btw....several thousand folks here in the US, own bunkers...it's a big and growing business ........and part of my business. ;)
 

EMNofSeattle

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J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying it's machines to dispense $100 bills with no limit.
Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day - WSJ



I don't trust banks anymore than I do the government and keep all my business close to the vest. I stopped using ATM machines a few years ago and I keep as little money as possible in the bank.

OK, then don't trust banks it's only you getting screwed.

The doom and gloom scenarios have never panned out, I read an article sometime ago in the Wall Street Journal, that ran the math on the stock market, if you had invested $150,000 in the stock market, and done it in only four days, before the four largest crashes since 1970 that $150,000, would be worth $1.2 million in other words, despite anti-financial conspiracy nonsense long-term investors simply cannot lose money on the stock market. The cash sitting in a coffee can under your bed, is losing money by inflation every year
 

MickeyW

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So you stash money in a safe. Brilliant. If as you say there is a financial meltdown and the government is unable to insure the funds then you will still have the same problem as our currency maintains its value because it is backed by the US government. You ever look closely, it says Federal Reserve Note. Basically an IOU from the US Government. If you are going to be an anarchy alarmist you should really invest in gold and stock your basement with MRE's. Maybe build a bomb shelter and keep buying those weapons. You never know.

Where exactly did I say paper cash. As I understand it, gold and silver coins...are still cash. ;) I'm fully aware of what my paper money says .....and is.

MRE's and water?...I have about a year supply for my family.....

Shelter?...check. Installed it myself and it's a write off for my company.
Means to defend that shelter for the long haul?....check.

I'm good to go and as well prepared as anyone. btw............I'm not an anarchy alarmist by any means...just a wise old man.
 

MickeyW

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OK, then don't trust banks it's only you getting screwed.

The doom and gloom scenarios have never panned out, I read an article sometime ago in the Wall Street Journal, that ran the math on the stock market, if you had invested $150,000 in the stock market, and done it in only four days, before the four largest crashes since 1970 that $150,000, would be worth $1.2 million in other words, despite anti-financial conspiracy nonsense long-term investors simply cannot lose money on the stock market. The cash sitting in a coffee can under your bed, is losing money by inflation every year

I don't drink coffee. Cash would be, gold and silver. And..................I use to play the stocks in the 70s.....did very well, cashed it in and bought more armament, gold and silver....and started my company.

I do business in 5 states...I'm not just a one trick pony.
 

Hari Seldon

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Where exactly did I say paper cash. As I understand it, gold and silver coins...are still cash. ;) I'm fully aware of what my paper money says .....and is.

MRE's and water?...I have about a year supply for my family.....

Shelter?...check. Installed it myself and it's a write off for my company.
Means to defend that shelter for the long haul?....check.

I'm good to go and as well prepared as anyone. btw............I'm not an anarchy alarmist by any means...just a wise old man.

Maybe old. Those coins must weigh a ton.
 
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