There is an update process going on with many major banks and credit unions over the weekend, including Chase, Wells Fargo, First United Bank, CITIGROUP INC, BANCWEST CORPORATION, DEUTSCHE BANK TRUST CORPORATION, BDCU, BECU, Columbia Bank, Concord Bank, Five Point Credit Union, Kemba Credit Union, and many others.
This seems to be an industry wide update and many services will be unavailable or limited. Each bank is a little different, but they are limiting access to accounts, funds, mobile banking, even allowable purchase amounts on debit and credit cards.
Below you’ll find more detailed information from Chase, Columbia Banks and others to give you an idea of what is going on.
This statement is from Columbia Bank:
From May 3 through May 6, the entire Online Banking service at The Columbia Bank is being redesigned to give you greater access to your financial information and better financial control.
Before May 3, 2013:
Complete any of your online transfers, one-time bill payments or stop payment orders.
Friday, May 3, 2013:
After 4AM EDT, Mobile Banking will be unavailable.
At 5PM EDT: All branch offices will close to prepare for the upgrade.
At 7:30PM EDT: Bank by Phone PIN number changes, transfer of funds and stop payment options will be unavailable.
Saturday, May 4, 2013 through Sunday, May 5, 2013
Our Online Banking upgrade will begin. Online Banking transfers, bill payments and stop payments will be unavailable. Mobile Banking will be unavailable.
This is the statement from Chase Bank:
Our branches offering Sunday hours will be open as planned but will have limited access to information and services.
Account Balance: Your balance won’t be updated between 11:30 p.m. Saturday and 2 p.m. Sunday on Chase Online, Chase Mobile, or at an ATM, branch or via telephone banking.
Chase Debit Cards: Your debit card will continue to work, but there may be lower approval limits on purchases.
Chase QuickPaySM, Online Bill Payments, Wires & Account Transfers: Certain functions may not be available but you can schedule future transactions.
Chase Mobile App: You can view your accounts but won’t be able to perform transactions.
Account Alerts: Your Account Alerts may be delayed.
Ultimate Rewards: Rewards information won’t be available. (?)
Important Dates for Online Banking Upgrade
|From May 3 through May 6, our entire Online Banking service is being redesigned to give you greater access to your financial information and better financial control.The timeline below contains important information and tasks for our customers related to the system upgrade.|
Before May 3, 2013:
Friday, May 3, 2013:
Saturday, May 4, 2013 through Sunday, May 5, 2013
Monday, May 6, 2013
After May 6, 2013:
Questions about the upgrade?
If you have any questions or concerns during the system upgrade, please contact your local branch or our Direct Banking Center at 1.888.TCB.BANK (1.888.822.2265). Our Direct Banking Center will be open:
- Friday, May 3 from 7AM to 8PM
- Saturday, May 4 from 8AM to 3PM
- Monday, May 6 from 7AM to 8PM
There will be a scheduled system outage for maintenance beginning at 11:00pm on Monday, May 6th and continuing through 4:00am Tuesday, May 7th. This will affect services such as ATM’s, Home Banking and Matt. We apologize for any inconvenience this may cause.
Note: This is a service message with information related to your Chase account(s). It may include specific details about transactions, products or online services. If you recently closed your account, please disregard this message.
We apologize in advance for any inconvenience this may cause, and will work to get everything up and running as quickly as possible.
Access to the service may be limited, delayed or unavailable during periods of peak demand, market volatility, system upgrades or maintenance, or electronic, communication or system problems, or for other reasons.
On May 4th your account(s) will be upgraded to a new system.
INTERNET BANKING MAINTENANCE
On Monday 6th May BDCU Internet Banking will be unavailable between 6.00pm and 9.00pm.
We are conducting maintenance to upgrade our software and include some enhanced security features. You may notice some minor changes to the look and feel. We apologize for any inconvenience caused.
Announcement on Temporary Suspension of BOC Online Banking and Mobile Banking Services
We plan to upgrade our banking system and we are sorry to inform you that our Online Banking and Mobile Banking service will be unavailable from 17:00 May 4 – 00:00 May 5, 2013 (UK Time).
Please accept our apology for any inconvenience caused by us.
Thank you for your understanding.
Bank of China Limited
The recent news about Cyprus banks confiscating depositor’s funds sent chills throughout the financial world here and abroad. I couldn’t believe that the plan in Cyprus hinged on the idea that the bank could just steal customer’s funds to balance the bank’s books. I muttered to myself when I read the story that something as crazy as that couldn’t possible happen here in the United States. Unfortunately, I learned that the plan to pull a Cyprus type grab here was already in the works.
“A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds. ” NationofChange
The above article explains that most of us do not realize that when you deposit money in a bank, that it becomes the property of the bank and we become unsecured creditors of the bank! “Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price?” NationofChange
If I deposit $1,000 dollars in my local bank, I trust that the funds are safe and protected by FDIC insurance and that even if the bank fails, I will get my money back. Under the plan listed above, we may not even be able to fall back on the FDIC insurance coverage. The FDIC-Bank of England plan would supersede our FDIC coverage and we would be relegated to become a “shareholder” in the failing bank or its successor entity. Let me see if I understand this scheme. The bank who is failing due to mismanagement or due to risky investments could steal my funds and force me to accept stock in a company led by poor businessmen with an even poorer business record! If you are brave enough, check out the full FDIC-Bank of England plan here.
Cyprus wasn’t the only place where a bankster grab of deposits was put into place or is being discussed. It is being discussed in New Zealand as well. “New Zealand has a similar directive, discussed in my last article here, indicating that this isn’t just an emergency measure for troubled Eurozone countries. New Zealand’s Voxy reported on March 19th:
The National Government [is] pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts . . . .Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.” NationofChange
To be clear, this joint FDIC-BOE plan would need enabling legislation to be passed before it could become the law of the land. However, the bankruptcy laws have put unsecured creditors, which depositors would be labeled under the plan, lower in seniority to the claims of derivative counterparties which would mean that the very parties who are causing the bank to fail, could collect before the innocent depositors.
“In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositaries to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors. Remember Lehman? When the investment bank failed, unsecured creditors (and remember, depositors are unsecured creditors) got eight cents on the dollar. One big reason was that derivatives counterparties require collateral for any exposures, meaning they are secured creditors. The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders.” NationofChange
This so-called plan has been labeled a wealth tax in Cyprus, but the United States banks hold the deposits of the poor and middle class and those deposits would be at risk if this type of plan is actually activated. If this type of plan was ever activated or authorized by Congress, why would anyone ever deposit their funds in one of the major banks that could be at risk of failing due to risky derivative investments when those very deposits could be at risk? If the bank files for bankruptcy after depositors funds are confiscated, would depositors be left out in the cold entirely?
This type of bank bail out is an end run on depositors and on the American public. I can only guess why the corporate owned mass media has not been carrying this story. I do not think that I would every put any money in any of the big multi-state banks in light of this potential nightmare of a bailout. I would love to see the Senate hold a hearing to question FDIC officials on this joint plan. While the wealthy use the banks, a good portion of their wealth is in other investment vehicles and therefore the brunt of the bailout could be borne by you and me. Of course the banks will claim that we would receive stock in lieu of the confiscated funds, but can you pay your mortgage bill with stock from a failing bank?
What would you do if your bank confiscated your hard earned deposits to pay their bills? What happened to taking personal responsibility for their mistakes? Too big to fail, too big to jail and now, too big to cover their own losses! Is it any wonder that the banks want no part of Dodd-Frank Consumer Protection Ageny?
Global collapse coming soon
Then there’s this -
Treasury to pay down debt for first time since Obama took office
The Treasury Department announced Monday that it would reduce its level of debt in financial markets for the first time since President Obama took office.
The department said it expects to pay down a net of $35 billion in its marketable debt for the second quarter of 2013, the first time it has done so since 2007.
In February, Treasury had estimated the government would have to borrow $103 billion during the second quarter, and would end up with a cash balance of only $30 billion.
But thanks to unexpectedly higher receipts of government revenue and lower outlays in spending, the Treasury is experiencing a swing in fortune that allows officials to actually pay down some of its outstanding debt.
Treasury now expects to have a cash balance of $75 billion in June after paying down the $35 billion in debt.
Treasury also updated its borrowing projections for the third quarter of the year. The Treasury now anticipates it will borrow $223 billion from July to September, and will end that quarter with a cash balance of $80 billion.
The rosier projections come as experts are also projecting that Washington may have more time to haggle over fiscal policy before the government reaches its $16.4 trillion borrowing limit.
The Bipartisan Policy Center announced Friday that its latest projections show the government might not need to raise the debt limit until mid-October.
In January, experts with the group estimated the borrowing limit would need to be raised sometime in August, but updated information about the nation’s finances has pushed that window back, the group said.
An immensely powerful international organization that most people have never even heard of secretly controls the money supply of the entire globe. It is called the Bank for International Settlements, and it is the central bank of central banks. It is located in Basel, Switzerland, but it also has branches in Hong Kong and Mexico City. It is essentially an unelected, unaccountable central bank of the world that has complete immunity from taxation and from national laws.
Good morning Please remember what Okie reported about the release..OKIE: even though i was informed this was to be complete tonight–i am personally going to give it an extra day or two to make sure it is real this time and not another false alarm.
[kelbell] Thought of the day: It’s now “if” this is going to happen, it’s “When”. Wake up and be happy you are even part of this historical event! Be blessed!
[SGD3] Bluwolf on recaps just posted that all 204 countries government budgets are supposed to be sync’ed at 6:30 am est today??????
[sananddan24] Sgd3 he deals with banking
[heartfelt] SGD3 that # keeps changing it seems. Last I read was 194
[jamajacks] heartfelt A few countrys have a common currency.
[SGD3] heartfelt i know- thought there were only 196 countries anyway