Tags: WSJ | Chase | ATMs | Withdrawals

WSJ: Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day

Image: WSJ: Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day

By    |   Wednesday, 06 Apr 2016 01:25 PM


J.P. Morgan Chase reportedly has capped ATM withdrawals at $1,000 per card daily for noncustomers after some started pulling out tens of thousands of dollars at a time.

The bank doesn’t suspect any fraud, The Wall Street Journal reported. “But partly due to heightened regulatory scrutiny, banks are paying more attention to large cash transfers that could be a sign of money laundering or other types of shady activity,” WSJ.com reported.

The move by the largest bank in the U.S. doesn’t affect J.P. Morgan Chase’s own customers, whose maximum daily withdrawals are set depending on the client’s account type, the Journal said.

J.P. Morgan Chase’s change last month affects roughly 18,000 automated teller machines nationwide.

To be sure, ATMs can be ground zero for criminal activity of many types.

For example, Wells Fargo investigators have identified at least 4,870 cards that were compromised in a recent "skimming" scam in San Diego county, and confirmed losses to bank customers of about $428,000, according to The San Diego Union Tribune.

ATM skimming has reached epidemic levels, Dave Shaw, special agent in charge for U.S. Homeland Security Investigations in San Diego, told the Tribune.

The Tribune reported that the crime spiked 173 percent in the first four months of 2015 compared to the same period a year before in the U.S., according to FICO, the credit-scoring company.

“Consumers need to be more vigilant about the increase in these types of thefts and frequently monitor their bank accounts for any suspicious or unauthorized activity,” Shaw told the Tribune. “These types of crimes not only result in significant losses for financial institutions and merchants, but can cause a major disruption in consumers’ personal finances.”

Meanwhile, a new report from the European ATM Security Team (EAST) found that the top three locations where card losses were the highest from skimming were the U.S., Indonesia and the Philippines.

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J.P. Morgan Chase reportedly has capped ATM withdrawals at $1,000 per card daily for noncustomers after some started pulling out tens of thousands of dollars at a time.
WSJ, Chase, ATMs, Withdrawals
311
2016-25-06
Wednesday, 06 Apr 2016 01:25 PM
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