Wells Fargo Bans Customers from Buying Cryptocurrency with Credit Cards

2018/6/12 1:00:29

Wells Fargo is the latest in a long line of credit card issuers to bar their customers from making purchases using their cards. JPMorgan, Bank of America, and Citigroup had already enacted similar policies, meaning that customers at the four largest US banks will have to turn elsewhere if they want to buy crypto on credit.

 


By Josiah Wilmoth for CCN, JUNE 11, 2018 21:27

 

Banking giant Wells Fargo has become the latest financial institution to ban its customers from using their credits cards to buy cryptocurrency.

Fortune reports that Wells Fargo — the third-largest US bank with nearly $2 trillion in total assets as of the end of last year — will begin declining transactions made at known cryptocurrency exchanges and brokerage platforms with bank-issued credit cards.

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” a bank spokesperson said in a statement Monday. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

“We will continue to evaluate the issue as the market evolves,” the spokesperson added.

As CCN reported, Wells Fargo is the latest in a long line of credit card issuers to bar their customers from making purchases using their cards. JPMorgan, Bank of America, and Citigroup had already enacted similar policies, meaning that customers at the four largest US banks will have to turn elsewhere if they want to buy crypto on credit.

Credit card processors including Visa and Mastercard have also begun charging cash equivalence fees on cryptocurrency purchases, saddling customers with extra fees for these transactions.

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https://www.ccn.com/wells-fargo-bans-c ... rrency-with-credit-cards/

 

 

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