JP Morgan Chase Bank US
Hidden Ten Percent Fee in Forex Currency Exchange Rate

I recently approached JPM for a Forex purchase (buying foreign 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 receipt proved that:

1.) JPM made a false statement as to FOREX exchange rate, by stating figures for exchange rates on the receipt that were not the exchange rates for any time period during that date, or anywhere near FOREX exchange 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.

Company: JP Morgan Chase Bank US
Country: USA
State: Washington
City: Richland
Site: jpmorgan.com

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