The largest bank in the United States, JP Morgan Chase, found itself the subject of a federal class action lawsuit this week. The complaint alleges that after hindering customers from buying cryptocurrencies, the bank charged enthusiasts extra fees and higher interest rates.
Also read: Bitgrail’s $170M Hack Continues to Provide Drama
JP Morgan Chase Subject of Million Dollar Class Action
Brady Tucker et al v Chase Bank USA, filed in U.S. District Court, Southern District of New York, 18-3155, Manhattan, was initiated by San Diego-based law firm, Finkelstein & Krinsk LLP, a class action specialist. Mr. Tucker of Idaho, plaintiff, claims he incurred $143.30 in fees, and $20.61 in sudden interest charges over five crypto transactions during late January and early February. And while by itself it might appear trivial, magnified by untold thousands of customers, and the numbers begin to get substantial. Mr. Tucker also claims “upon purchasing a cryptocurrency from Coinbase.com or another online crypto merchant,” he was saddled with cash advance fees in violation of his original terms and conditions.
Indeed, Mr. Tucker attempted to dispute charges but JP Morgan outright refused any consideration, he insisted. According to Reuters, without warning the bank “stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it,” the lawsuit is quoted. The suit was filed in federal court, and accuses the bank of “charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.”
Stupid Employees, Stupid Customers
It appears the bank charged extra fees and higher interest on cash advances, and refused refunds once customers brought it to their attention. Mary Jane Rogers of JP Morgan would not comment on the case’s claims, but she did say the bank halted crypto purchases because of the associated risks. She said customers were free to use debit cards without incurring such premiums.
According to the complaint, “The complete lack of fair notice to Chase’s cardholders caused them to unknowingly incur millions of dollars in cash advance fees and sky-high interest charges on each and every crypto purchase.” Mr. Tucker continued, “It appears that in addition to firing its ‘stupid’ employees, Chase elected to start fining its ‘stupid’ customers: unilaterally.”
Has a bank overcharged you when dealing in crypto? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post JP Morgan Chase Hit With Million Dollar Class Action Crypto Lawsuit appeared first on Bitcoin News.
Source: Bitcoin.com
