Customers have to show ID, can no longer deposit cash into another person’s account
Source: Paul Joseph Watson
JPMorgan Chase has irked its customers by imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
Air Force veteran Kristen Meghan received a letter from Chase informing her of “changes in how we accept cash deposits.”
“When making a cash deposit please; be ready to show a valid ID – deposit only into accounts that list your name,” states the letter.
The move is another example of how banks are becoming increasingly invasive and restrictive with how they treat their customers, while crypto-currency alternatives like Bitcoin offer total anonymity.
According to Meghan, when she asked a Chase bank teller why cash deposits couldn’t be made into another person’s account, she was told that the new regulation was imposed by government request.
According to Fox Business, Chase is “the first big bank to enact such a change.” Customers are already being asked for ID as of February 1, while cash deposits into accounts bearing someone else’s name will be banned from March 3 onwards.
Chase claims it is imposing the changes to prevent money laundering, although the policy is likely to cause massive inconvenience for families, such as parents who wish to deposit cash in accounts belonging to children who are away at college.
Representatives from Bank of America, Citigroup and Wells Fargo did not respond to questions on whether they would also be looking to impose the same rules.
Some analysts have speculated that such measures are a sign that banks are preparing for economic turmoil and potential bank runs. Last year it was 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 U.S. defaults on its debt.
This is by no means the first example of Chase imposing capital controls on their customers’ accounts.
In October last year, we reported on how Chase instituted policy changes which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a $50,000 limit per statement cycle.
The bank’s reputation was already under scrutiny after an incident last year when 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.
Other banks have also imposed capital controls in recent months, including HSBC, which is preventing customers from withdrawing larger amounts of money without written documentation proving how it is to be used.