(Fox Business) JPMorgan Chase (JPM) says news reports circulating on the Internet that the bank is exerting new capital controls on certain bank accounts are an overreaction to a "streamlining" and "derisking" process Chase says has been underway for several months.
The reports indicate the bank has moved to limit cash withdrawals and wire transfers for certain business customers starting on November 17, including Chase BusinessSelect checking and Chase BusinessClassic checking. The bank has sent letters to certain customers saying they will be unable to send and receive domestic and international wire transfers, and "cash activity" will be limited to $50,000 per statement cycle, including cash deposits, night drops, and ATM and cash withdrawals.
"These changes will help us more efficiently manage the risks involved with these types of transactions," one letter reads.
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