Class Suit Against JPMorgan on Overcharging Crypto Buyers

Class Suit Against JPMorgan on Overcharging Crypto Buyers

 Though the actions are still only alleged, seems like JPMorgan and Chase are bullying those wishing to use currencies and financial opportunities outside of their greedy talons. 

Though the actions are still only alleged, seems like JPMorgan and Chase are bullying those wishing to use currencies and financial opportunities outside of their greedy talons. 

It has been alleged JPMorgan Chase have violated the Truth in Lending Act by not disclosing amped-up fees to customers purchasing cryptocurrencies. Specifically, the lawsuit alleges that this January, JPMorgan Chase began treating the purchase of cryptocurrencies as "cash advancements", which typically charge about 2.5% of the amount of the cash advance, or in this case, cryptocurrency purchase. The major issue with this policy is that this policy was enacted without notifying cardmembers, and thus would be in violation of the Truth in Lending Act. 

The plaintiff in this case is Brady Tucker, who alleges that Chase Bank charged him (incorrectly) $143.30 in fees and $20.61 in interest from his cryptocurrency purchase using his Chase credit card this January and February. This occurred just prior to Chase, and other large credit institutions, from ending all crypto purchases using credit. These fees were not charged to those using their debit cards, just those using Chase's actual credit. When Tucker called Chase's customer service to dispute the charges, his requests were refused. Tucker's complaint states: 

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

Tucker and his lawyers are seeking a reimbursement of the fees incurred, as well as an aggregated amount of $1 million paid out to those class-action status plaintiffs, for statutory damages. Currently the size of the class of affected Chase cardholders has not yet been determined, but it is estimated that it may be hundreds or thousands of other card members. Tucker's lawyers propose:

Plaintiff and the Class routinely purchased cryptos from Coinbase and other online crypto merchants, without knowing that Chase would assess hefty “Cash Advance” fees plus immediate interest charges of up to 30% APR. Had Plaintiff and the Class been notified of this in advance, as required by law, then they would not have continued using their Chase credit cards to purchase cryptos.
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