The Capital Controls are growing here in the US. A US citizen is not allowed to have accounts in foreign countries now. I use to be able to have an account in my neighbor in the Great White North. They closed the accounts and sent it back.
My business account is in a Federal Credit Union. My personal account is in a different Federal Credit Union. Years ago, I followed the security process so funds can be transfered to my personal account on-line. It is a form of company making payment to myself. It makes my tax compliance easier.
Years ago, the limit was to transfer $30,000 USD in one week. Last month, my transfer for $5,300 was rejected. The amount allowed is now only $5,000 a week. There are stories about this everywhere in the US.
Then, there are stories like this one.
ARNOLDS PARK, Iowa — For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.
It is because she deposited under $10,000 per week, there was no warrant or due process necessary.
It appears to be happing in the UK as well
Last week the FMOC adopted new rules should Bank Liquidity become an issue. Basically, the banks could have the option to freeze accounts to prevent the owners of the money from voting with thier feet.
The FMOC created a Bail In, so the depositors can pay a percentage of the deposits to save the bank in time of crisis.
This trend is concerning. Is this something affecting your small business?