The war on cash continues as JPMorgan Chase has sent letters to clients informing them that cash is no longer allowed to be stored in Chase safety deposit boxes.
According to statements from Chase customers, the bank sent out a letter titled, “Updated Safe Deposit Box Lease Agreement.” The letter informed clients that no “cash or coins other than those found to have a collectible value” would be allowed in their safety deposit boxes.
The news comes amid other developments in the global war on cash being waged by countries and banks against cash users.
In March, France announced restrictions on using cash as a form of payment under the guise of fighting “low-cot terrorism.” The restrictions include limiting the amount of cash that can be used for payment to 1,000 euros (previously 3,000 euros). Banks are also required to report cash deposits of more than 10,000 euros (previously 15,000 euros) in a single month. Exchanging currencies without proof of identity is restricted to 1,000 euros (previously 8,000 euros). Spain has a similar restriction on using cash for payments, with a 2,500-euro limit, as does Italy, with a 1,000-euro limit.