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The largest U.S. “megabank” just fired off a new salvo in the War on Cash…
The Wall Street Journal reports JPMorgan Chase & Co. just capped ATM withdrawals at $1,000 per day for non-members worldwide.
Banks often cap their own members’ ATM withdrawals. But JPMorgan Chase is the first to cap withdrawals on other banks’ clients who use their ATMs.
Bank spokespeople said withdrawals of $20,000 by non-members at some of their Russian ATMs prompted the move. The bank doesn’t want to aid “criminal activity” by allowing easy transfers of cash around the globe.
But regular Daily readers know this is the next step in the global war on cash…
Cash is liquid. It’s private. And it’s the last convenient place to store value outside of a banking system plunging into negative interest rates. That’s why central bankers now say cash must go.
Bottom line: Follow Tom’s advice: Take some of your wealth out of the bank… before you’re the one coping with an ATM withdrawal limit. Review his tips for safe cash storage right here.
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