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FWIW I also bank with Wells Fargo as well as other institutions with my business. We have noticed just this week reduced transfer limits as well as additional days to clear funds. Keep in mind this is a business account and now our 30 day maximum limit from Wells Fargo to Chase is capped at 15k which is bonkers for a business. Our daily transfer limit has also been capped at 10k. There are severe controls in place at WF to reduce the risk of capital flight.

https://twitter.com/StealthQE4/status/1638048347599650817?s=20

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Discussion

Ivan 2y ago

I expect to see more of this. The way its looking if you need money at a bank. Its best to have lots of smaller checking accounts spread across the bigger banks at the moment. Also most people don't know exchange accounts at trading brokers tend to have higher insurance than banks. 100k cash 1 million inassets plus even more depending on the broker.

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Gunnar Stødle 2y ago

Interesting anecdote, thanks

Hurvajs Rumcajs 2y ago

Wow, not good. So under the seemingly quiet waters today, the banking crisis is still brewing. All that "confidence" and "plumbing" action by govts and central banks bought them less time than I thought.

WhiteRabbit 2y ago

I think the trust between banks is also suffering.

Mark Sea 2y ago

Has been since 2019. That’s a high level overview of the repo market coming to a halt. The banks refuse to lend between each other. Repos and reverse repos a lot of the time are used to meeting liquidity regulatory requirements when they don’t have cash on hand that’s sufficient for certain Fed reports.

Gunnar Stødle 2y ago

The is no capital control in bitcoin. Censorship resistance is key.

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Bc1qt1 2y ago

Im sorry for ot. Saw your picture and for a second I thought you are Richard Branson 😂

Karl 2y ago

Seems like a Bitcoin marketing campaign. Thanks Banksters.

✝️ Threat Level Worldwide 2y ago

Thanks for the business-side update. We transferred most of our money out of Wells, to a credit union.

Brisket 2y ago

The exits are getting narrower..

BITwise 🐳 >>= RIGHTish 2y ago

This is just the beginning. Banks are preempting what they know will soon come. Wells Fargo is not the only ones doing it.

Make no mistake, it is a sign of times to come.

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