The Lock Down Has Begun: JP Morgan Restricts ATM Cash Withdrawals

Last month All News Pipeline warned that major banks were preparing to tighten the screws on American account holders starting April 1st.

It appears that the lock-down of cash has begun.

Citing criminal activity as a factor, JP Morgan is limiting cash withdrawals at ATM machines.

The bank said there doesn’t appear to be fraud involved. But partly due to heightened regulatory scrutiny, banks are paying more attention to large cash transfers that could be a sign of money laundering or other types of shady activity. Typically, the card-issuing bank sets withdrawal limits, not the bank owning the ATM.

The move by the largest bank in the U.S. doesn’t affect J.P. Morgan Chase’s own customers, whose maximum daily withdrawals are set depending on the client’s account type. The bank has seen high-dollar withdrawals at both new and old ATMs, said bank spokeswoman Patricia Wexler.

J.P. Morgan Chase’s change last month affects roughly 18,000 automated teller machines nationwide and followed an interim step earlier this year limiting noncustomer cash removals at $1,000 per transaction. The earlier move was made as a temporary fix while the bank could make software changes to roll out the more stringent daily limit, Ms. Wexler said.

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