Altcoins Talks - Cryptocurrency Forum
Further Discussions => Banks & Cryptos => Topic started by: CryptoGirl on February 05, 2018, 05:31:58 PM
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A growing number of big U.S. credit-card issuers are deciding they don’t want to finance a falling knife.
JPMorgan Chase & Co. and Bank of America Corp., the nation’s two largest banks, said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, which will implement the ban Saturday, doesn’t want the credit risk associated with the transactions, said Mary Jane Rogers, a spokeswoman for the firm.
Bank of America told staff in a memo that it will start declining credit card transactions with known crypto exchanges today. The policy applies to all personal and business credit cards issued by the bank. The move doesn’t affect debit cards, according to Betty Riess, a spokeswoman for the Charlotte, North Carolina-based lender.
Allowing purchases of cryptocurrencies can create big headaches for card lenders, which can be left on the hook if a borrower bets wrong and can’t repay. Banks also are required by regulators to monitor customer transactions for signs of money laundering.
http://www.altcoinstalks.com/index.php?topic=5573.0
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So, how will it going on next!
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Does anyone have Bank of America and can comment with their first hand experience? My family is getting into crypto now and has BoM - was wondering if they'll have issues.
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Both my wife and I have used BoA recently (past 2 weeks) to fund Coinbase purchases with no issues.
Her via a linked debit card and me via a BoA Cash rewards card. I'll post updated if we have future issues.
We also have a small balance bank account linked with BoA that I'll try if the card purchases are declined.
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These banks will only succeed in making it harder to achieve mass adoption of crypto-currency but won't be able to stop it, it's only a short-sighted approach, a more open minded approach would have served them better.
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The whole issue of cryptocurrencies and blockshain technology is not a threat but the more these banks continue to poke their mouth into crypto issues, then the more threat it becomes to their business. This is a onetime breakthrough in technology. Why cant these banks accept that fact.