Chase Bank New Policy On Crypto - Users Beware !!!

arabspaceship123

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Why wasn't Chase Bank in a forced closure by the American financial dept. JP Morgan's paid $35B fines but they haven't had their licence repudiated. So that means they'll keep paying fines for keeping Chase Banks operating licence even if they're not taking care of customers money.

Quote from: DooMAD on October 05, 2023, 02:04:26 PM

I'll just leave this here so people can determine whether they're more likely to fall victim to frauds and scams as a result of crypto, or JPM Chase themselves:
https://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/

When a company abuses their position like that at every available opportunity, it rings a little hollow when they try to sound as though they have their customers' best interests in mind.

They might have money, but they're morally bankrupt. Roll Eyes

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I'll just leave this here so people can determine whether they're more likely to fall victim to frauds and scams as a result of crypto, or JPM Chase themselves:
https://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/

When a company abuses their position like that at every available opportunity, it rings a little hollow when they try to sound as though they have their customers' best interests in mind.

They might have money, but they're morally bankrupt. Roll Eyes

arabspaceship123

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Banks do more than what you've said. If Chase produces docs to prove the reasons they'll have a weak case to ban crypto. How many Chase account holders take loans to buy crypto but default on repaying. If Chase say it's dangerous levels they'll try to stop crypto. I don't agree with them. JPMorgan owns Chase Bank so it's possible they've got other reasons.

Quote from: sana54210 on October 05, 2023, 01:05:23 PM

That's such a weird thing, I mean banks should be the companies that is most regulated because their job is literally with money. They do not actually "make" anything, they take money from one, and give it to another and deal with that, that's all their job.

ChiBitCTy

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WOW, just wow. Chase bank and the other large corrupt ass banks (Chase, Wells Fargo, Bank of America etc) are the reason I got in to cryptocurrency in the first place. Chase now telling us what we can and can't do with our own money?! FUCK them.

Take a look at this site https://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase .. Chase has nearly 40 BILLION dollars in fraud violations since the year 2000. Think about that, 40 billion dollars and Jamie Dimon is lauded as some "great ceo". He's the ring leader of one of the most corrupt organizations on the planet!!

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Quote from: NotATether on October 05, 2023, 05:58:36 AM

Quote from: arabspaceship123 on October 04, 2023, 02:43:20 PM

It doesn't have to be about Chase Bank. If government frameworks are introduced it'll be every American bank being forced to take action to stop cryptocurrencies growing. If American banks won't allow their customers to trade crypto from their accounts where are they supposed to go?

Banks in america absolutely hate regulations and will do everything they can to skirt them, and in a way, it helps their cause that there are absolutely incompetent people running Congress that are sympathetic to big business' profits, especially those of Wall Street since many of those politicians actually made their fortune from running these types of banks.

In this case it would be that the banks can make a nice profit off of crypto that they don't want to miss out on.

That's such a weird thing, I mean banks should be the companies that is most regulated because their job is literally with money. They do not actually "make" anything, they take money from one, and give it to another and deal with that, that's all their job.

So, they need hardcore regulations to make sure that 2008 type of stuff do not happen, they get billions of dollars worth of injections by the government all the time when they need it and everyone thinks it's okay because they are capable of paying it back, but nobody questions what happens if they can't, well 2008 happens when they can't. That's why we need to be a lot more careful with what we do and not really end up with anything that could result with a bad deal on the long run.

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Quote from: shield132 on October 05, 2023, 06:36:48 AM

Quote from: Bitstar_coin on September 27, 2023, 12:36:44 AM

"Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide".
Chase Bank

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According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

They don't try to protect their customers from scams and fraudsters. It's hilarious how they decline crypto-related payments but at the same time they advice you to use another service provider but warn you that if you use them, you may lose your money and not be able to get back. Isn't this hilarious? They try to make people fear of crypto but hug their centralized service because it is politics, money and power that they want in their hands.

Not that shocking on which Banks or simply these institutions or simply that heavily regulated or centralized ones would really be having those kind of words but the fact that those intents are really that pretty obvious.
Trying out to scare people but at the same time they would be suggesting other payment gateway as long a certain user would be able to get in touch with crypto so that they could really be able to lock it later on?
This isnt something a new scheme and its always been like this and better to ignore.

Quote from: DeathAngel on October 04, 2023, 01:10:24 PM

Quote from: Yamane_Keto on September 27, 2023, 05:28:33 AM

Do you expect a financial and banking services company to encourage investment in Bitcoin?

This is spot on. The thing is, these banks are going to have to adapt & allow their customers to transact with bitcoin, otherwise they will become obsolete. It’s not going to happen fast but bitcoin is going nowhere, it is going to eat up investment capital. They need to adapt or get left behind their competitors who are willing to.

Obsolete? It cant happen or something i should say that it would really be impossible. As long government exist then fiat system would continue or exist and if there's fiat?
then there's bank. They do integrate? They do have that choice but most likely they would really be going against with it. Better not to boggle
up yourself on whatever decisions that they would really be making because there's no much difference honestly.

shield132

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Quote from: Bitstar_coin on September 27, 2023, 12:36:44 AM

"Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide".
Chase Bank

Image source - X

According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

They don't try to protect their customers from scams and fraudsters. It's hilarious how they decline crypto-related payments but at the same time they advice you to use another service provider but warn you that if you use them, you may lose your money and not be able to get back. Isn't this hilarious? They try to make people fear of crypto but hug their centralized service because it is politics, money and power that they want in their hands.

NotATether

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Quote from: arabspaceship123 on October 04, 2023, 02:43:20 PM

It doesn't have to be about Chase Bank. If government frameworks are introduced it'll be every American bank being forced to take action to stop cryptocurrencies growing. If American banks won't allow their customers to trade crypto from their accounts where are they supposed to go?

Banks in america absolutely hate regulations and will do everything they can to skirt them, and in a way, it helps their cause that there are absolutely incompetent people running Congress that are sympathetic to big business' profits, especially those of Wall Street since many of those politicians actually made their fortune from running these types of banks.

In this case it would be that the banks can make a nice profit off of crypto that they don't want to miss out on.

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Quote from: Bitstar_coin on October 04, 2023, 09:04:21 AM

Banks can see what transactions is coming or to whom it is been sent but how will they know if the transaction is crypto related if the customer does not foolishly indicating it in the remarks option? I think anyone can send money to anyone provided you do not in any part of the transaction indicate what is meant for.

If you use CEX (and most people trade with cryptocurrencies that way), then every bank can see where the money goes and where it comes from, because if it wasn't like that, would banks implement such measures at all? It's a completely different matter if someone uses DEX and if they send and receive smaller amounts of money, but when you have large transactions to and from people who, moreover, are not in the same country and did not have any history of bank transactions before that, then every bank can request from the client to explain the reason for such transactions or even report it to the competent agencies that supervise such things.

Ordinary people have no chance of outsmarting the banks unless they completely bypass them, which is why we have Bitcoin. You can receive and send it anytime and anywhere to anyone who has a digital wallet and a unique address.

arabspaceship123

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It doesn't have to be about Chase Bank. If government frameworks are introduced it'll be every American bank being forced to take action to stop cryptocurrencies growing. If American banks won't allow their customers to trade crypto from their accounts where are they supposed to go?

Quote from: lombok on October 04, 2023, 09:47:35 AM

Makes sense. Basically, banks will also very rarely warn consumers regarding crypto transaction funds in consumer accounts, unless the crypto transaction funds are related to drug transactions or other crimes, and even then the police come.

There are still many other bank options that are still crypto-friendly and don't mind funds from any exchange. Now it is flexible and we can use other third party platforms besides banks or before the funds enter the bank.

I personally would leave that bank and switch to another bank.

Obari

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I 2asnt surprised to see this news because same thing also applies to transcations in my country's local bank and this is simply because the rate of scams through cryptocurrencies are already getting very alarming and banks are already doing their best to disassociate themselves from transactions related to cryptocurrencies because such transactions are always very difficult to recover and they don't want to go through the stress of wanting to go investigate any of such transitions and I love the fact that chase bank respected their customers and even gave a very prompt notification.

Quote from: DeathAngel on October 04, 2023, 01:10:24 PM

Quote from: Yamane_Keto on September 27, 2023, 05:28:33 AM

Do you expect a financial and banking services company to encourage investment in Bitcoin?

This is spot on. The thing is, these banks are going to have to adapt & allow their customers to transact with bitcoin, otherwise they will become obsolete. It’s not going to happen fast but bitcoin is going nowhere, it is going to eat up investment capital. They need to adapt or get left behind their competitors who are willing to.

I really don't think declining cryptocurrencies transactions is best but they could possibly harge them of possible and maybe add a disclaimer that they wouldn't be held liable for any loss.

DeathAngel

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Quote from: Yamane_Keto on September 27, 2023, 05:28:33 AM

Do you expect a financial and banking services company to encourage investment in Bitcoin?

This is spot on. The thing is, these banks are going to have to adapt & allow their customers to transact with bitcoin, otherwise they will become obsolete. It’s not going to happen fast but bitcoin is going nowhere, it is going to eat up investment capital. They need to adapt or get left behind their competitors who are willing to.

lombok

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Quote from: davis196 on October 02, 2023, 07:08:21 AM

The "Golden Rule" is to never tell your bank that your transactions have something to do with crypto. It doesn't matter if your bank is crypto-friendly or not, just don't tell them anything.
It's funny how Chase Bank tells their customers that "you won't get your money back, if the transaction is related to fraud or scam".
What they are actually telling their customers is "if you got scammed, you won't get your money back, you are screwed!".
That's weird. I have always thought that the banks should collaborate with the scam victims and try to refund their money.
This is basically a statement that the banks will collaborate with the scammers, therefore they will never refund the money of the victims of scams/fraud.

Makes sense. Basically, banks will also very rarely warn consumers regarding crypto transaction funds in consumer accounts, unless the crypto transaction funds are related to drug transactions or other crimes, and even then the police come.

There are still many other bank options that are still crypto-friendly and don't mind funds from any exchange. Now it is flexible and we can use other third party platforms besides banks or before the funds enter the bank.

I personally would leave that bank and switch to another bank.

Bitstar_coin

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Quote from: Lucius on October 04, 2023, 08:06:10 AM

Quote from: davis196 on October 02, 2023, 07:08:21 AM

The "Golden Rule" is to never tell your bank that your transactions have something to do with crypto. It doesn't matter if your bank is crypto-friendly or not, just don't tell them anything.

This "golden rule" does not make much sense with most banks, because banks can check to whom the client is sending money, and they can also see very clearly who is sending money in incoming transactions. You have countless cases where the bank has frozen or even closed the client's account because it has established that these are transactions that the bank does not approve.

Quote from: davis196 on October 02, 2023, 07:08:21 AM

It's funny how Chase Bank tells their customers that "you won't get your money back, if the transaction is related to fraud or scam".
What they are actually telling their customers is "if you got scammed, you won't get your money back, you are screwed!".
That's weird. I have always thought that the banks should collaborate with the scam victims and try to refund their money.
This is basically a statement that the banks will collaborate with the scammers, therefore they will never refund the money of the victims of scams/fraud.

Put yourself in the position of a business entity that provides a financial service, and whose clients through that same service lose money and then want you to return the money that disappeared in a scam related to cryptocurrencies. Banks definitely deal with suspicious business and are not an example of transparent and honest business, but why should banks put themselves in the role of someone who will pay for other people's mistakes?

Banks can see what transactions is coming or to whom it is been sent but how will they know if the transaction is crypto related if the customer does not foolishly indicating it in the remarks option? I think anyone can send money to anyone provided you do not in any part of the transaction indicate what is meant for.

Am yet to see any bank shouldering the responsibility of a failed or terrible business deal made by their customers because beside getting scam in crypto, people also lose money in bad businesses that aren't crypto related. How many of such cases has the bank handle? If not they will go bankrupt in no time. Besides claiming to want to protect their customers, I think there is a motive behind that policy.

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Quote from: davis196 on October 02, 2023, 07:08:21 AM

The "Golden Rule" is to never tell your bank that your transactions have something to do with crypto. It doesn't matter if your bank is crypto-friendly or not, just don't tell them anything.

This "golden rule" does not make much sense with most banks, because banks can check to whom the client is sending money, and they can also see very clearly who is sending money in incoming transactions. You have countless cases where the bank has frozen or even closed the client's account because it has established that these are transactions that the bank does not approve.

Quote from: davis196 on October 02, 2023, 07:08:21 AM

It's funny how Chase Bank tells their customers that "you won't get your money back, if the transaction is related to fraud or scam".
What they are actually telling their customers is "if you got scammed, you won't get your money back, you are screwed!".
That's weird. I have always thought that the banks should collaborate with the scam victims and try to refund their money.
This is basically a statement that the banks will collaborate with the scammers, therefore they will never refund the money of the victims of scams/fraud.

Put yourself in the position of a business entity that provides a financial service, and whose clients through that same service lose money and then want you to return the money that disappeared in a scam related to cryptocurrencies. Banks definitely deal with suspicious business and are not an example of transparent and honest business, but why should banks put themselves in the role of someone who will pay for other people's mistakes?

davis196

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The "Golden Rule" is to never tell your bank that your transactions have something to do with crypto. It doesn't matter if your bank is crypto-friendly or not, just don't tell them anything.
It's funny how Chase Bank tells their customers that "you won't get your money back, if the transaction is related to fraud or scam".
What they are actually telling their customers is "if you got scammed, you won't get your money back, you are screwed!".
That's weird. I have always thought that the banks should collaborate with the scam victims and try to refund their money.
This is basically a statement that the banks will collaborate with the scammers, therefore they will never refund the money of the victims of scams/fraud.

arabspaceship123

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I don't see Chase Bank calling their customers fraudster but it's something they've got to tell. Their customers shouldn't have deposits or transfer rejected if they're being made from exchanging cryptos. If they're closing accounts for receiving cryptos funded deposits it's a step they shouldn't make because customers will open accounts in other banks.

Quote from: kingvirtus09 on October 01, 2023, 08:31:04 AM

That's exactly what I was thinking and I also noticed there, that you thought there was a real concern for the customers. What they say is to keep their customers away from the fraudster, but it turns out there is a motive.

Just like you mentioned, what if you transferred a large amount from the exchange via p2p to the bank, after the bank receives the money you transferred, they suddenly put a hold on your account and question you about where your money came from? think about it, it's like they are the legal fraudsters who can take advantage in reality.

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Quote from: arabspaceship123 on September 29, 2023, 05:42:04 PM

They've said they'll decline payments they think you're making to crypto assets. What they didn't say was what's going to happen if they receive payments to your account from they think are from crypto assets. If you're receiving money from exchanges what are Chase Bank going to do?

Quote from: Bitstar_coin on September 27, 2023, 12:36:44 AM

Image source - X

According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

That's exactly what I was thinking and I also noticed there, that you thought there was a real concern for the customers. What they say is to keep their customers away from the fraudster, but it turns out there is a motive.

Just like you mentioned, what if you transferred a large amount from the exchange via p2p to the bank, after the bank receives the money you transferred, they suddenly put a hold on your account and question you about where your money came from? think about it, it's like they are the legal fraudsters who can take advantage in reality.

arabspaceship123

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They've said they'll decline payments they think you're making to crypto assets. What they didn't say was what's going to happen if they receive payments to your account from they think are from crypto assets. If you're receiving money from exchanges what are Chase Bank going to do?

Quote from: Bitstar_coin on September 27, 2023, 12:36:44 AM

Image source - X

According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

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AFAIK, JPMorgan coming from hating Bitcoin/crypto to making their own coin and then being positive to the Bitcoin ETF applications. But if Chase bank is just part of their conglomerates then they have to implement it. With that decision and terms, it's nothing wrong for a bank to stop their customers purchase things related to crypto. If that's the policy that they've made but at least make that clear first to all of their customers that they're not going to give any refund for any customers found doing that. That's kind of a harsh policy but then, it is their company and they're the ones making it so customers just need to follow it. Well, there's that word about just use other banks if they want to purchase crypto. Cheesy

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