J.P. Morgan Chase Sued For Charging Undeclared Fees to Crypto Buyers

J.P. Morgan Chase Sued For Charging Undeclared Fees to Crypto Buyers

The global financial services provider and one of the largest banking institutions in the US, JP Morgan Chase & Company, is being sued for charging undisclosed fees to customers who use their credit cards to purchase cryptocurrency. Users were being charged cash advance fees as reported by Reuters on April 11.

The lawsuit was filed on April 9 in a Manhattan federal court. This is a nationwide class lawsuit accusing the bank for charging cash advance fees, which accumulate high interest rates, as well as refusing to refund customers who complained.

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One of the plaintiffs, Brady Tucker claims that he was charged $143.30 in fees and $20.61 in interest due to these transactions which were made through the period of Jan-Feb. Tucker disputed these charges through chases customer service center but was refused reimbursement.

The lawsuit is claiming that Chase violated the “US Truth in Lending Act”, which discloses that any policy changes be disclosed to customers in written form. Recovery damages from the lawsuit as well as statutory damages in the amount of $1 million, plus attorney fees and expenses incurred thereafter, was submitted to the Manhattan court.

The legal representative of J.P. Morgan Chase and Company declined to comment on the matter stating that customers can still use the Chase debit cards to purchase cryptocurrency. Comments regarding the fees were not implied.

Chase joined many other banks in banning customers from purchasing cryptocurrency with her credit cards back in February 3. Statements by the legal representative don’t match the policy passed on that date.

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