JPMorgan has been hit with a lawsuit in Manhattan federal court accusing them of charging additional fees when it stopped allowing customers to buy cryptocurrencies with credit cards. This started in late January and began treating the purchases as cash advances.
However, this was filed on Tuesday on behalf of a proposed nationwide class. The lawsuit indicated that Chase had charged extra fees and higher interest rates on the cash advances than on the credit cards. In addition, they refused to refund the charges when customers complained about it.
The named plaintiff in the lawsuit, Idaho resident Brady Tucker, was charged with fees amounting to $143.30 and $20.61 in interest charges by Chase. I assume that he’s not the only one that has been charged as well!
Tucker called Chase's customer service line to dispute the charges but the bank refused to remove them, according to the lawsuit. With no advance warning, Chase "stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it," the lawsuit said. A lawyer for Tucker could not be reached for comment.
The lawsuit accuses Chase of violating the U.S. Truth in Lending Act, which requires credit card issuers to notify customers in writing of any significant change in charges or terms. What are your thoughts?
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