• Report: #828474

Complaint Review: JP Morgan Chase Bank US

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  • Submitted: Wed, January 25, 2012
  • Updated: Wed, January 25, 2012

  • Reported By: Dave Campbell — Richland Washington United States of America
JP Morgan Chase Bank US
Richalnd, 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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 I recently approached JPM for a Forex purchase (buying foriegn currency, "FOREX" = FOreign EXchange)

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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REBUTTALS & REPLIES:
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#1 Author of original report

Not relevant

AUTHOR: Dave Campbell - (United States of America)

Neither Bernanke, nor you, are relevant.

Id recommend professional help for your attitude of retaliation, conspiracy theories, and in general, attempting to look important or relevant in a matter that has nothing to do with you
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#2 Consumer Comment

DAVE CAMPBELL, SINCE JP MORGAN CHASE IS PART OF THE FEDERAL RESERVE.......

AUTHOR: Karl - (USA)

according to information that is available on the web, you might want to send a copy of your Ripoff Report to Ben Bernanke, right?

Anyone can 'Google' this- WHO OWNS THE FED?, and go to the site with the five charts and see that J.P. Morgan Co is listed in 'Chart 1'.

Feel free to 'Google' this- FEDERAL RESERVE ADDRESS, and go to the related sites to get the physical address and the email address, and send copies of your Ripoff Report to Mr. Bernanke right away.

Good luck to you.

***NATIONWIDE CREDIT CARD ALERT: Make sure to type in 271454 at this site and read Betty's Ripoff Report for important information if you have a credit card in the USA.
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