Chase US: Cash no longer useable for payment.

[ZenOps]

https://mises.org/blog/chase-joins-war-cash

Storing cash in a safety deposit box has always been a no-no, but it appears that this is the year that the banks will not allow cash payments (US $100 bills essentially) for larger mortgage payments, credit cards, auto and regular loans.

I can imagine they will institute a maximum $ per day, like you can only pay $500 in bills each day to pay off any type of loan. Sort of like how you can only use a maximum amount of coinage to pay off a debt.

This will greatly reduce the circulation of cash, which of course is the ultimate goal to keep everyone under a taxable roof (some say, that the reduction and restrictions in circulation of cash may just end up destroying the entire economy) Time will tell whether this is a good idea or not.

I say its going to fuck things up royal.

[BigMass]

Originally posted by ZenOps
https://mises.org/blog/chase-joins-war-cash

Storing cash in a safety deposit box has always been a no-no, but it appears that this is the year that the banks will not allow cash payments (US $100 bills essentially) for larger mortgage payments, credit cards, auto and regular loans.

I can imagine they will institute a maximum $ per day, like you can only pay $500 in bills each day to pay off any type of loan. Sort of like how you can only use a maximum amount of coinage to pay off a debt.

This will greatly reduce the circulation of cash, which of course is the ultimate goal to keep everyone under a taxable roof (some say, that the reduction and restrictions in circulation of cash may just end up destroying the entire economy) Time will tell whether this is a good idea or not.

I say its going to fuck things up royal.

What are you talking about hehe, that's not what it means at all. The only restriction is that you cannot make cash payments towards someone else's account. Chase still accepts cash and you can still deposit any amount of cash into your own account. There are many reasons why this policy makes sense in terms of money laundering or even bad people wanting to get at you by depositing counterfeit currency or bad checks into your account without you knowing.