The Bank Wells Fargo has banned the cryptocurrency credit cards

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2018-06-12 14:30:05

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The Bank Wells Fargo has banned the cryptocurrency credit cards

In early may, the payment system Mastercard on customer churn due to ban on purchase of cryptocurrency with a credit card. It seems a lesson not learned in Wells Fargo Bank has introduced restrictions on transactions with digital money with credit cards. About it writes .

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How to buy cryptocurrency

According to the representative of the Bank, the decision is due to the multiple risks associated with buying cryptocurrencies with a card financial institution.

Investing in the digital money are of a dynamic nature — so customers of Wells Fargo can no longer make their credit card. Now we assess the market Outlook and are trying to protect our clients from loss of funds.

the Main reason for the prohibition of American banks to purchase cryptocurrency with credit cards — frequent investor requests for a refund. Inexperienced traders buy the currency and then in the application for refund write that you are a victim of fraud, because the coins turned out to be insufficiently profitable. In the US, unlike Russia, chrageback takes one to two days. Banks bear losses due to such returns.

Wells Fargo is not the only Bank that set limitations on transactions with money with credit cards. Earlier, a similar ban introduced Bank of America, JPMorgan Chase, Citigroup and other financial institutions.

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