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A lot of things are happening in the world of cryptocurrency these days. One of the more pressing issues isĀ the fact thatĀ Coinbase purchases with debit or credit cardsĀ have incurred extra fees. Chase is working hard to refund all of those extra charges, earning them some good karma from their clients.
Positive News for Chase Customers
Over the past few months, a war has been brewing between banks, credit card issuers, and the cryptocurrency community. Both Visa and Mastercard are not too happy about their cards being used for cryptocurrency-related purposes. Whether it is buying Bitcoin directly or using a cryptocurrency-funded debit card, a lot of things have changed since January of this year. Most of those changes arenāt for the better, though.
For instance, a lot of US bank customers who purchase cryptocurrency through Coinbase have received additional charges. This is due to Coinbase activity now beingĀ coded as a ācash advanceā service, which is always subject to extra transaction fees. As such, plenty of users have complained about surcharges of US$5 and even US$10 per transaction madeĀ using Coinbase.
It seems there is finally some positive news in this regard, at least for customers of Chase bank. Earlier this week, the bankĀ began refunding all of these extra charges to itsĀ customers. ConsideringĀ that this applies to transactions dating back several months, it may be worth the time to keep an eye on oneās Chase bank account. After all, this money can quickly begin to add up.
It is unclear if the same trendĀ extends to other US banks as well. Even so, things are looking pretty good for Chase customers, even though it is likely other banks will followĀ its lead in the future. This small piece of good news has been long overdue, as it made no sense for banks to charge extra fees for Bitcoin purchases.
Additionally, this seems to indicate Chase will no longer charge customers these additional feesĀ on future Bitcoin purchases made through Coinbase. Banks remain quite wary of Bitcoin and other cryptocurrencies right now. Some even claim it is a legitimate threat to their businesses, which is rather worrisome.
It seems obvious that a lot of people will use these refunded charges to purchase additional cryptocurrencies, even though the money should have never been deducted from their accounts in the first place. This news is a victory for the crypto industry as a whole, which can only be considered a good thing.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.