Wednesday, April 22, 2015

Chase bars storage of cash

[In 1923] A woman burns German marks in the furnace to heat the home during the peak of the Weimar Germany hyperinflation.
Received in email today an Infowars article which suggests that JPMorgan Chase has begun banning people from storing cash with no "collectible value" in their safety deposit boxes.
As of last month, Chase has also instituted a new policy which, “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans,” writes Professor Joseph Salerno of the Mises Institute.
Since U.S. paper currency suggests that the bill is good for all debts, public and private, it sounds a little as if the bank were treading perilously close to usurping federal authority and/or perhaps somehow covering its ass in the event of an economic collapse.

Honestly, I don't know what it means, but since safety deposit boxes are assumed to be private in nature, it sounds intrusive to bar any use to which it might be put outside of explosive or toxic substances.

I hope someone will suss out more comprehensible facts on this subject. Google and Snopes were of no use.


  1. The chase manhattan website has more pages of legalese than i want to go through. Mostly about not holding them liable for anything, including errors in their agreements. lol Felisha has an account with b of a who once asked her if she'd like to pay for extra security. She asked if their bank wasn't safe. lol I use a credit union, the members having elected to NOT have their deposits risked on wall street.

    I was reading just last night about the first stock exchange in london back in the 1600's that immediately suffered a bubble and crash by the machinations of an individual spreading rumors that resulted in selling at losses and then new rumors that favored buying at inflated rates. Then, as now, the purchase/investment in governmental positions were readily and regularly paid. I generally don't favor the death penalty, but i'd make an exception for white collar crime. Killing the glass steagal act was disastrous for frugal savers.

    I don't think cash can ever be made to go away. Not that we're not open to barter, but it's a convenient exchange that resides outside of the banks bookkeeping. The revenuers would benefit from an all digital economy as well. But i have more faith in my dogs and mattress than those folks. If ever they did put us on an all digital economy, the great god murphy would waste little time in crashing the grid.

  2. ALL of MY cash cash has "collectible value".....

  3. Yes, Kobutsu ... I thought the same thing.