Consumer complaint received 2026-05-13 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Fee problem
Company: JPMORGAN CHASE & CO.
State: PA

Complaint narrative:
I am submitting this complaint against JPMorgan Chase Bank , N.A . / Chase Bank regarding a foreign currency exchange transaction debited from my Chase checking account ending in XXXX. I initiated the currency exchange transaction on XX/XX/year>, and picked up the XXXX pesos on XX/XX/year>, at the Chase branch located at XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX, XXXX XXXXXXXX. Chase debited {$990.00} USD from my checking account ending in XXXX and provided XXXX XXXX pesos ( XXXX ). Chase used an exchange rate of XXXX USD per XXXX. Before going to Chase, I looked online and understood that Chases foreign currency exchange cost or commission may be approximately 3 % to 5 %. I was willing to proceed based on that general range. I was not willing to proceed with an exchange-rate cost approaching 9.91 % to 10 %, and that level of cost was not clearly disclosed to me before the transaction. The market/reference rate I found for the same general period was approximately XXXX USD per XXXX. Using that benchmark, {$990.00} USD should have produced approximately XXXX XXXX, not XXXX XXXX. The difference is approximately XXXX XXXX. Item Calculation Result Chase rate XXXX USD per XXXX XXXX XXXX USD XXXXXXXX XXXX Market/reference rate XXXX USD per XXXX XXXX XXXX XXXX XXXX XXXX Chase markup vs. reference rate ( XXXX XXXX ) XXXX 9.91 % higher XXXX expected at market rate {$990.00} XXXX XXXXXXXX XXXX XXXX Chase provided {$990.00} XXXX about XXXXXXXX XXXX Difference XXXX XXXX approximately XXXXXXXX XXXX less Before completing or accepting the transaction, I specifically asked Chase representatives whether there were any fees. I asked because the receipt did not clearly disclose any actual fee, commission, spread, vendor markup, or embedded exchange-rate cost. I was told there were no fees. However, the receipt states that Chases foreign exchange rates include spreads paid to Chase and its vendors and that Chase may make a commission for providing foreign exchange services. Had Chase clearly disclosed before the transaction that the exchange rate included an embedded spread, commission, vendor markup, or other cost approaching 9.91 % to 10 %, I would not have completed the transaction with Chase. I relied on the statement that there were no fees, and I was not provided a clear, upfront disclosure showing the actual cost built into the exchange rate. After I discovered the exchange-rate issue, I attempted to have Chase reverse or unwind the transaction. Chase refused. The branch manager stated that there was nothing she could do. Instead of reversing the transaction at the original rate, Chase offered to buy back the same XXXX pesos at a worse exchange rate of XXXX USD per XXXX. Item Calculation Amount Original amount debited from checking {$990.00} Chase buy-back offer XXXXXXXX XXXX XXXXXXXX {$810.00} Total loss if I accepted buy-back {$990.00} {$810.00} {$180.00} This placed me in a forced-loss position. Chase refused to unwind the transaction after I raised the disclosure issue, and the only alternative Chase offered would have caused me to lose approximately {$180.00} in total. Because I am leaving for my vacation and must use the XXXX pesos, I no longer have a practical option to return the currency. The branch manager also stated, in substance, that as long as she has been working for Chase, no one has ever complained about the foreign currency exchange disclosures. That statement reinforced my concern that this may be a systemic issue, not merely a one-time misunderstanding. It suggests that Chase branch management and staff may not be properly trained on Chases disclosure obligations or may not understand the compliance risks involved when customers are told there are no fees while Chase may still earn compensation through an embedded spread, commission, vendor payment, or exchange-rate adjustment. The absence of prior customer complaints does not mean the disclosure was adequate or legally compliant. It may instead indicate that customers were not aware of the embedded cost or did not understand that the exchange rate included compensation to Chase or its vendors. This is precisely why clear, upfront disclosure is necessary. I believe Chases conduct was unfair and deceptive. Chases representative told me there were no fees, but Chases receipt indicates that Chase may receive compensation through spreads, vendor payments, and/or commissions. Whether Chase labels the cost as a fee, spread, commission, vendor markup, or exchange-rate adjustment, the practical result was the same : Chase used a materially worse exchange rate and did not clearly disclose the embedded cost before debiting my checking account. This conduct appears to implicate federal consumer financial protection laws and regulations, including the following : Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ). The CFPB states that under the Dodd-Frank Act, it is unlawful for providers of consumer financial products or services to engage in unfair, deceptive, or abusive acts or practices. Chases statement that there were no fees, combined with an undisclosed embedded exchange-rate cost approaching 10 %, raises deceptive and unfair-practice concerns. Its deceptive because Chase did not properly disclose the fees, and tow representative stated there are no fees. It is unfair because as a consumer, once they took the money out of my account, I had no recourse for them to correct the mistake of insufficient disclosure and the charged my {$97.00}. Regulation E / Electronic Fund Transfer Act. Because the funds were debited directly from my Chase checking account, this also raises transaction-disclosure and error-resolution concerns. Regulation E applies to electronic fund transfers that authorize a financial institution to debit or credit a consumers account. Chase should explain whether this checking-account debit was treated as an electronic fund transfer and, if so, what disclosures and error-resolution rights applied. Truth in Savings Act / Regulation DD. Regulation DD applies to deposit accounts, including checking accounts, and requires disclosures concerning account terms and fee schedules. Regulation DD also provides that a depository institution must provide account disclosures before an account is opened or before a service is provided, whichever is earlier, when a fee required to be disclosed is assessed. Because this currency exchange was funded from my checking account and may have involved account-based pricing, commission waivers, or foreign exchange service charges, Chase should identify the checking-account terms, fee schedule, foreign currency exchange disclosures, commission schedule, waiver terms, and any preferred-pricing provisions that applied. Because Chase failed to clearly disclose the true cost of the currency exchange, refused to unwind the transaction at the original rate, and instead offered a buy-back rate that would have caused an additional loss, I have lost confidence in Chases handling of my deposit-account services. I am considering closing my Chase accounts when I return from my trip.

Company response to consumer: Closed with explanation