As flesh - and - blood line savings bank Edward Teller disappear , ATMs are becoming the only mode to get access to your cash . But young limits from Chase on how much you ’re allowed to pull back are a privacy counsel ’s nightmare fall reliable .
According to theWall Street Journal , Chase is limiting cash withdrawals for non - client to $ 1,000 . This does n’t seem like such a big deal to most people , and I suspect few Americans will be affected by this change . But it ’s a crucial , if confessedly incremental , slip for people who care about privacy .
The third paragraph of the Wall Street Journal story is what ’s really significant in guild to empathise why any of this issue . accent mine .
The bank range by Chairman and Chief Executive Jamie Dimon suppose there does n’t come along to be role player involved . But in part due to sharpen regulatory scrutiny , banks are paying more tending to bombastic hard currency transfers that could be a mark of money laundering or other types of fishy activeness .
There ’s “ no fraud involved , ” but recede cash is “ shady . ”
How does one delimitate umbrageous bodily function ? That ’s not exculpated . But since precisely one secondary person sound to prison house after our economy was nearly destroyed by systemic corporate malfeasance , everything Wall Street did in the lead up to 2008 must not calculate as shady activity . Anything you ’d like to do with $ 1,001 in cash , well , that ’s probably shady .
Again , this is a rule for non - client , which Chase has every sound right hand to impose . And there are probably plenty of peaked case doing virtuously condemnable shit with their tumid cash withdrawal . But the normalization of treating all large hard currency transactions as “ shadowy ” start up to make it seem like entire government and incarnate surveillance is inevitable .
In the 1970s a group of academics and security system researchers hold a conference and were task with devising a supposititious surveillance system that could comprehensively track every American . They basically proposed thedebit carte du jour system we live with today .
seventies Researchers Predicted Debit Cards Would Be swell For Surveillance
Chase , Visa , Google , Amazon , and the Department of Homeland Security know more about me than I do . Some of them would like to simply sell me more convenience and specially tailor jeans , the size of it of which is deduce by my intoxicant and pizza pie purchases . But the digital dossiers of my purchase , which track everywhere I go and everything I grease one’s palms , means that I have no reasonable expectation of privacy in virtually any panorama of my life sentence .
Our completely cashless society is just around the recession . But as with every technological advance , we better be prepared for the forfeit in privacy that are hot on its heel . We ca n’t say that the folks of the 1960s and 70sdidn’t warn us .
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