Letters are apparently going out to some JPMoragnChase customers announcing that cash will be prohibited from being stored in the bank’s safety deposit boxes.
At the Collectors Universe message board, a commenter reports:
My mother has a SDB at a Chase branch with one of my siblings as co-signers. Last week they got a letter outlining a number of changes to the lease agreement, including this:
“Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”
Another change is that signatures will no longer be accepted to access the box. The next time they go in they have to bring two forms of ID and they will be issued a four-digit pin number that will be used to access the box then and in the future.
Professor Joseph Salerno of the Mises Institute writes:
As of March, Chase began restricting the use of cash in selected markets, including Greater Cleveland. The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans. Chase even goes as far as to prohibit the storage of cash in its safe deposit boxes . In a letter to its customers dated April 1, 2015 pertaining to its “Updated Safe Deposit Box Lease Agreement,” one of the highlighted items reads: “You agree not to store any cash or coins other than those found to have a collectible value.”
Just last week, Citigroup’s top economist, Willem Buiter, wrote a report calling for the abolishment of cash as a sound policy.
Hide your wallets, the banksters are on the move.