They want to punish JPMorgan Bank for a million dollars

They want to punish JPMorgan Bank for a million dollars

JPMorgan Chase & Co was sued in federal court in Manhattan, alleging that the bank charged excessive fees. The lawsuit states that this began to happen after the bank in January prohibited customers from paying for cryptocurrency with credit cards and began to treat such a purchase as a withdrawal of funds.

The lawsuit states that the bank not only charged an additional commission when purchasing cryptocurrency, but also applied higher interest rates for issuing cash. Additionally, the bank refused to provide refunds despite customer complaints.

Bank spokeswoman Mary Jane Rogers declined to comment on the lawsuit, but said the bank stopped processing credit card payments related to cryptocurrency purchases on Feb. 3 due to credit risks. She said customers can use their debit cards for such purchases, which will not be charged a withdrawal fee.

Earlier this year, after a sharp drop in the price of Bitcoin, several banks in the UK and US, including Lloyds Banking Group Plc (LLOY.L), Virgin Money (VM.L) and Citigroup (CN), banned the use of credit cards for the purchase of cryptocurrencies.

The lawsuit against JPMorgan was filed by Idaho resident Brady Tucker, who paid $143.30 in fees and $20.61 in interest for five cryptocurrency transactions made between January 27 and February 2. Tucker called the bank's customer service line to dispute the fee, but the bank refused to reduce it.

The plaintiff accuses the bank of violating the U.S. Transparency in Credit Terms Act, which requires credit card issuers to notify customers in advance in writing of any material changes to the fees or terms of service of those cards. The lawsuit seeks actual damages and statutory compensation for breach of contract in the amount of $1 million.


According to https://uk.reuters.com

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