Wells Fargo Bans Cryptocurrency Purchases on Its Credit Cards

Another banking giant is banning cryptocurrency purchases using its credit card, following similar decision made by J.P Morgan, Citi, Bank of America, feared that the asset's wild price swings could cause buyers renege on payments back to the bank. Their fear might be justified, since about 18% of bitcoin investors used a credit card to fund the purchases and of those, 22% couldn't pay off their balance after buying the digital coin. 

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Until those from these big banks start serving jail time, I don't want to hear anymore about crypto

 

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5 minutes ago, Ja’Nako Bezze said:

Until those from these big banks start serving jail time, I don't want to hear anymore about crypto

 

those people dont serve in prison. But they are always willing to pay fines

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On 6/11/2018 at 1:49 PM, Stormysaga said:

Another banking giant is banning cryptocurrency purchases using its credit card, following similar decision made by J.P Morgan, Citi, Bank of America, feared that the asset's wild price swings could cause buyers renege on payments back to the bank. Their fear might be justified, since about 18% of bitcoin investors used a credit card to fund the purchases and of those, 22% couldn't pay off their balance after buying the digital coin. 

Wells Fargo has gone the opposite way of some of those banks in its stance on restricting firearms purchases. In March, the bank's CEO defended that decision, citing customers' right to choose.

"I don't know if banks or credit card companies or any other financial institution should be the arbiter of what an American can buy," Tim Sloan, Wells Fargo's CEO at the time, told the Charlotte Observer in March. "I don't know if Americans, regardless of which side of the issue you might be on, on whether or not folks should own guns or which type they should purchase, do they really want their bank to be making that decision?"

John Shrewsberry, Wells Fargo's chief financial officer, said after its quarterly conference call with investors that the bank had no plans to end business relationships with gunmakers and such a move would require "a legislative solution."

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On 6/11/2018 at 1:49 PM, Stormysaga said:

Another banking giant is banning cryptocurrency purchases using its credit card, following similar decision made by J.P Morgan, Citi, Bank of America, feared that the asset's wild price swings could cause buyers renege on payments back to the bank. Their fear might be justified, since about 18% of bitcoin investors used a credit card to fund the purchases and of those, 22% couldn't pay off their balance after buying the digital coin. 

You're credit-worthy or not. It matters not what you buy with the card. It only matters whether you are the kind of person that pays back your debts or not. Enough with the nannying. Banks would do well to shore up how they evaluate the borrower, not what the borrower does with the credit once granted.

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This is a reasonable move by Wells Fargo. It's too soon and people are getting out of hand with their crypto debt. 

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