Chase Franklin International Tokyo News

Chase Franklin International Tokyo News

Posted in the Personal Finance Forum

Since: Oct 13

Northampton, UK

#1 Oct 29, 2013
Bank Notifies Customers “Limited Cash Withdrawals, International Wire Transfers Banned”

Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17, 2013 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States.
The letter reads;

Dear Business Customer,

Starting November 17, 2013:

- You will no longer be able to send international wire transfers. You will still be able to send domestic wires and receive both domestic and international wires. We’ll cancel any international wire transfers, including reccurring ones, you scheduled to be sent after this date.

- Your cash activity limit for these accounts(s) will be $50,000 per statement cycle, per account. Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches (including purchases of money orders) and ATMs.

These changes will help us more effectively manage the risks involved with these types of transactions.

Another letter (PDF) received by Peak to Peak Charter School, a college in Colorado, states that the option to send both international and domestic wire transfers has been withdrawn from Chase business savings account holders.

Shortly after we posted this story, other Chase business customers confirmed they had also received similar or identical letters.

“I’m a Chase customer with both of the type accounts mentioned and got the letter posted,” wrote one.

“I have been a loyal customer of Chase for 11 years and I received the letter for my business and when I called about this I was told basically piss off and find another bank!” added another.

Chase is obviously very keen to make it hard for their customers to have any kind of control over their savings and is trying to prevent them from sending dollars abroad, prompting concerns that Cyprus-style account gouging could occur in America.

The move to limit deposits and withdrawals while banning international wire transfers altogether is a bizarre policy and will cripple many small and medium-sized businesses with Chase accounts. Buying stock from abroad in any kind of quantity will now become impossible for many companies, while paying employees will also be a headache.

Why has Chase announced such a ludicrous and restrictive policy change and is it related to the potential for a US debt default?

Speculation is rife that the bank is preparing for some kind of economic crisis by “locking down” its customers’ money. Although most still expect a deal to be struck to prevent a US debt default, its impact would “shake financial markets to a degree not seen since the Great Depression,” according to experts.

Others fear the move to restrict international wire transfers is part of a plan to protect against a near-future collapse of the US dollar.

Whatever the truth behind the policy change, Chase really needs to publicly explain its reasoning in order to quell the speculation.

The bank’s reputation was already under scrutiny after an incident earlier this year where Chase Bank customers across the country attempted to withdraw cash from ATMs only to see that their account balance had been reduced to zero. The problem, which Chase attributed to a technical glitch, lasted for hours before it was fixed, prompting panic from some customers.

Earlier this month it was also reported that two of the biggest banks in America were stuffing their ATMs with 20-30 per cent more cash than usual in order to head off a potential bank run if the US defaults on its debt.

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Since: Jan 14


#2 Jan 4, 2014
maybe there is really something going on with them

Since: Jan 14


#3 Jan 5, 2014
Here's Why You Should Buy Shares of JPMorgan Chase in 2014

In this special "Best Ideas for 2014" edition of The Motley Fool's everthing-financials show, Where the Money Is, banking analysts David Hanson and Matt Koppenheffer tell viewers why they think JPMorgan Chase (NYSE: JPM ) is well-positioned for 2014 and poised to produce long-term gains for patient investors. Despite scathing headlines and massive legal settlements, the bank's underlying business continues to produce substantial profits and reward shareholders.

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Since: Jan 14


#4 Jan 6, 2014
JPMorgan Chase reveals it paid more than 100 of its London staff HK$25.7m

The biggest US bank, JPMorgan Chase, paid more than 100 of its London staff an average of £2 million (HK$25.7 million) in 2012.

The disclosure came as fresh evidence emerged of the massive deals being paid in the City of London financial district despite an outcry over banking "fat cats" after the 2008 credit crisis.

Goldman Sachs has already said its high-fliers received an average of £2.7 million in 2012 - up by half on the year before - fuelling fresh anger about bankers' bonuses.

The banks are required to provide the information about their operations in the UK to comply with an EU rule introduced after the 2008 crisis. Banks must give details of the pay of "code staff", those deemed to be taking and managing risk.

The details of the pay awards come as new rules from Brussels come into force to restrict top bankers' bonuses to one times their salary, or twice with the approval of shareholders...

Since: Jan 14


#5 Jan 8, 2014
How Shinzo Abe is quietly bringing Japan’s economy back to life

For most of 2013, the focus was clearly set on the sustainability of the U.S. economic recovery, the questionable strength of the Chinese economy and the when and how of Europe’s escape from its longest recession on record. It seems to us that many pundits forgot about the fascinating story unfolding in the country that still boasts the world’s third largest economy: Japan...

Since: Jan 14


#6 Jan 10, 2014
Toyota Counts on Tokyo Olympics to Spur Japan Economic Recovery

Toyota Motor Corp.(7203), Japan’s biggest carmaker, expects the nation’s economic recovery boosted by the buildup to the 2020 Tokyo Olympics will help domestic vehicle demand weather a planned sales tax increase in April...

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