- Report: #828474
Report - Rebuttal - Arbitrate
Complaint Review: JP Morgan Chase Bank US
JP Morgan Chase Bank USRichalnd, Washington United States of America
JP Morgan Chase Bank US Jp Morgan Chase misrepresenting Forex ,currency exchange, fees Richalnd, Washington
*Author of original report: Not relevant
*Consumer Comment: DAVE CAMPBELL, SINCE JP MORGAN CHASE IS PART OF THE FEDERAL RESERVE.......
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A JPM Manager represented to me verbally that there were no fees for such a transaction.
Upon making a transaction, the transaction recept proved that:
1.) JPM made a false statemnt as to FOREX exchange rate, by stating figures for exchange rates on the recept that were not the exchange rates for any time period during that date, or anywhere near FOREX exchage rates by reputable FOREX companies ( BxA "spread")
Exchange rates are not determined by US Banks, they are agreed upon and established by the National Banks of the various Nations (i.e. US Treasury and Bank of Canada) as GOVERNMENT entities. Private corporate banks do not establish the value, or relative values, of National currencies.
2.) JPM had concealed a transaction fee of roughly 10 percent in their supposed "exchange rate"
3.) They had charged me about $900 in fees for about a $9000 transaction. Reputable companies charge fees based on "currency spreads" which use the fourth and fifth decimal-place of the currency value (i.e. a $ 10.12345 currency price has a spread based on the digits "45". JPM had charged about 10 times the going FOREX rate
4.) JPM Manager made a false statement, which I recorded, that their fees / charges were disclosed on the receipt, when they were not.
I have filed both a WA Attorney Generals complaint, and a complaint with CFTC.
This report was posted on Ripoff Report on 01/25/2012 01:26 PM and is a permanent record located here: http://www.ripoffreport.com/r/JP-Morgan-Chase-Bank-US/Richalnd-Washington-/JP-Morgan-Chase-Bank-US-Jp-Morgan-Chase-misrepresenting-Forex-currency-exchange-fees-Ri-828474. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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