This afternoon, a shocking headline appeared on Drudge- SHOCK CLAIM: CHASE Bank Limits Cash Withdrawals... Bans International Wire Transfers On Some Accounts... Developing...
For someone just reading the headline, it appears something scary in the economy was on the horizon, and even worse if you read the Infowars article it linked to (link withheld to not give Infowars any hits):
Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.
This article was accompanied by this image.
Sounds scary, right? Well, anyone who has a business checking account with Chase bank knows otherwise. This shocking claim on Drudge (jumping the shark using Infowars as a source without fact checking) is nothing more than business as usual for Chase and the letter, boilerplate for customers who fail to meet minimum requirements for the business checking plan they have. As you can see on this list, Chase offers several business checking account options with the lowest option not allowing international transfers and limiting the amount of transactions you can make- exactly what is described in this letter. https://www.chase.com/business-banking/business-checking-comparison
Is this doom and gloom? No, just a customer who failed to meet the minimum deposit requirements for the business checking plan they chose.
This story has been up on Drudge all day without a correction. This is a reminder that ALL media should be fact checked. Take nothing at face value.