J.P. Morgan Chase & Co. is limiting ATM withdrawals at $1,000 per card daily for non-customers. The new crack down comes on the heels of questionable transactions involving people pulling out tens of thousands of dollars at a time when the bank was modifying its machines to dispense hundred-dollar bills with no limit.
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 criminal activity. Typically, the card-issuing bank sets withdrawal limits, not the bank owning the ATM. But limits set by banks owning the machine are starting to catch on—with Chase among the first big U.S. banks—as concerns increase among law-enforcement officials about how criminals and terrorists can move money across the globe using various new bank technologies.
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