The ‘War on Cash’ has begun

Forget the ‘war on terror’ or even the ‘war on drugs’. There is a new war in town: The ‘war on cash’.

JP Morgan Chase recently informed some of its customers that cash can no longer be stored in their safety deposit boxes. In a letter titled “Updated Safe Deposit Box Lease Agreement,” some clients were told: “You agree not to store any cash or coins other than those found to have a collectible value.”

Earlier this year JP Morgan started restricting the use of cash in certain markets, including greater Cleveland, where customers were hit with a new policy that restricts cash payments on credit cards, mortgages, equity lines, auto loans and safety deposit boxes.