KTFA:
FCH1962: Frank, so you said the other night on your Utube 'Bank Story' phone call that you knew about this daily $5000.00 increment amount, but never wanted to discuss it with us? Even as you were telling the viewers that "You are Mr Clampet, and they're Mr. Drysdale". What was the reason for that? So, Capital Controls on people's money isn't a big deal to you! Am I going to be 'Kicked Off' for this question? I'd like to hear an explanation... This is a sincere question!
HarleyQuinC3: These employees are going by Chase’s current foreign exchange policy that’s in place for customers travelling to other countries.
When I travel overseas, I notify my bank of what currency I need. It takes a few days and they get up to $5,000 worth of pounds, for example, for when I go to England. They do it in $5,000 increments because there’s a special form that has to be filled out for transactions over $10,000.
When I come back and convert the leftover pounds back into dollars, it works the same way, if I pull out cash there’s a $5,000 limit. Digital deposit can be higher amounts (I’ve personally never done one for more than £15,000), but basically it’s just to control the amount of paper cash going in and out of the branch.
Chase DOES charge a fee for this, anywhere from 1-5% depending on the amount, it’s usually right about 3%. This is their fee for offering the exchange service.
With that said, and IMO, this kind of exchange post-RI, will be treated as a special case. You won’t be dealing with a teller at the desk. It will be a pre-arranged appointment and they’ll do all the FinCen forms there.
I believe that’s why the wealth manager in Virginia mentioned he was waiting for ‘instructions’ on how to do the RI exchanges. It’ll be a special event.
I have talked to my private banker, Jose, here in Texas. He told me they would charge a flat $350 fee and exchange all at once. It will be a pending transaction for a couple of business days, and there will be limits on what can be spent till the transaction resolves.
He told me he thought it would take about an hour and a half to do the whole process, because they’ll be opening several holding accounts, which take a bit of time. Again, that’s just IMO based on what Chase told me.
Oh, and concerning the spread, Jose told me it WAS negotiable depending on how much money I left with Chase’s wealth management department. He said it might be waived entirely if I used their management services solely. In other words, it would be possible to negate the 3% (ish) spread if I left the money with Chase. Again IMO.
ToyVP: MAYBE I CAN HELP SHED A LITTLE LIGHT ON THAT SUBJECT, FOR "CASHING OUT" THEY CAN ONLY DO SO MUCH AT A TIME FOR SEVERAL REASONS.........
1) THEY DON'T CARRY THAT MUCH CASH AT BANKS ANYMORE SO THEY HAVE TO PUT IN A REQUEST FOR TRANSFERS TO THEM SO THEY CAN ACCOMODATE IT.............
2) THE FEDERAL RESERVE HAS PUT A LIMIT ON HOW MUCH CASH CAN BE REMOVED FROM YOUR ACCOUNT PER DAY..........................
.BUT TO EXCHANGE AND DEPOSIT IT INTO YOUR ACCOUNT IS NO BIG DEAL THEY WILL BE ABLE TO DO THAT IN THE SAME DAY "IMO" I HOPE THIS HELPS
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