As a leading global financial services provider and one of the largest banking institutions in the United States, J.P. A lawsuit has been filed against Morgan Chase & Co company, according to the news published by Reuters on April 11, for displaying this payment as a cash advance for purchases of cryptocurrencies by credit card and charging customers without declaring it.
Tuesday A lawsuit was filed on behalf of all aggrieved people in a federal court in Manhattan on Monday for over-charged, extremely high interest rates on cash advances, and refusing to refund complaining customers.
Plaintiff Brady Tucker claimed that the bank charged him a $143.20 commission and $20.61 interest rate on cryptocurrency transactions he made in January and February. Tucker tried to discuss the matter on Chase’s customer service line, but the bank refused.
The lawsuit alleges J.P. Morgan Chase & Co violated The Truth in Lending Act for failing to notify customers of policy changes in writing. According to the complaint filed with the court, the lawsuit resulted in a total of $1 million in actual financial losses for Tucker and other victims. It is demanding reimbursement of legal damages and attorney’s fees and costs.
On February 3, Chase, like other banks, decided to ban the purchase of cryptocurrencies by credit card. payment processing and other services are at risk of disruption due to technologies such as cryptocurrencies.” said they could continue to buy cryptocurrencies.
Cointelegraph