{"id":19526,"date":"2016-04-04T14:26:42","date_gmt":"2016-04-04T19:26:42","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19526"},"modified":"2016-04-04T14:28:02","modified_gmt":"2016-04-04T19:28:02","slug":"was-there-a-run-on-the-bank-jpm-caps-some-atm-withdrawals","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19526","title":{"rendered":"Was There A Run On The Bank? JPM Caps Some ATM Withdrawals"},"content":{"rendered":"

Was There A Run On The Bank? JPM Caps Some ATM Withdrawals<\/a><\/h3>\n
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Under the auspices of\u00a0“protecting clients from criminal activity,”<\/em><\/strong>\u00a0JPMorgan Chase has decided to impose capital controls on . As\u00a0WSJ reports<\/a>, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some\u00a0customers started pulling out tens of thousands of dollars at a time<\/strong>. This apparent bank run has prompted Jamie Dimon to\u00a0cap ATM withdrawals<\/strong>\u00a0at $1,000 per card daily for non-customers.<\/p>\n

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Most large U.S. banks,<\/strong>\u00a0including Chase, Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. have been\u00a0rolling out new ATMs<\/strong>, sometimes known as eATMs, which perform more services akin to tellers. That includes allowing customers to\u00a0withdraw different dollar denominations than the usual $20, typically ranging from $1 to $100.<\/strong><\/div>\n

The efforts run counter to recent calls to phase out large bills such as the $100 bill or the \u20ac500 note ($569) to discourage corruption while putting up hurdles for tax evaders, terrorists, drug dealers and human traffickers.<\/strong><\/p>\n

The Wall Street Journal reported in February that the\u00a0European Central Bank was considering eliminating its highest paper currency denomination, the \u20ac500 note<\/strong>. Former U.S. Treasury Secretary\u00a0Lawrence H. Summers also has called for an agreement by monetary authorities to stop issuing notes worth more than $50 or $100.<\/strong><\/p><\/blockquote>\n

This move appears to have backfired and created a ‘run’ of sorts on Chase…<\/p>\n

A funny thing happened as J.P. Morgan Chase & Co. modified its ATMs to dispense hundred-dollar bills with no limit: Some customers started pulling out tens of thousands of dollars at a time.<\/p>\n

While it was changing to newer ATM technology, J.P. Morgan found that some customers of banks in countries such as\u00a0Russia and Ukraine<\/u>\u00a0had used Chase ATMs to withdraw tens of thousands of dollars in a single day, people familiar with the situation said.\u00a0<\/strong>Chase had instances of people withdrawing $20,000 in one transaction, they added.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Was There A Run On The Bank? JPM Caps Some ATM Withdrawals Under the auspices of\u00a0“protecting clients from criminal activity,”\u00a0JPMorgan Chase has decided to impose capital controls on . As\u00a0WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some\u00a0customers started pulling out tens of thousands of dollars at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3038,2086,124,1718,1769,282,1167,4714,7131,821,861,3892,888,4318],"class_list":["post-19526","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-america","tag-bank-run","tag-central-banks","tag-citigroup","tag-corruption","tag-european-central-bank","tag-greece","tag-jamie-dimon","tag-jpmorgan-chase","tag-ukraine","tag-wall-street-journal","tag-wells-fargo","tag-world-bank","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19526"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19526\/revisions"}],"predecessor-version":[{"id":19528,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19526\/revisions\/19528"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}