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If Jamie Dimon did not believe in karma before, he could be a believer now.
JPMorgan was struck by a class action lawsuit over alleged shipments of unannounced fee levels plus interest after removing the carpet of cryptocurrency investors, according to a Reuters report. No wonder the decentralized revolution is upon us.
The bank put kibosh on credit card purchases for cryptocurrencies earlier this year when it also sparked controversy when dealing with crypto purchases as cash advances, the latter ordering higher fees. JPMorgan CEO Jamie Dimon sadly called Bitcoin a fraud some time ago, and now these words come back to haunt him.
The plaintiff, Brady Tucker, is from Idaho and the lawsuit was filed in a New York court. He alleges that JPMorgan has charged additional expense levels and much higher interest on cash advances compared to what they charge for credit card purchases. Customers were screaming bad, but the bank refused to budge.
A spokesman for Chase told Reuters that the bank banned credit card purchases for bitcoins and altcoins, but that customers could still use debit cards linked to the current account. for purchases and bypass fees. JPMorgan was not the only bank to ban the use of credit cards for Bitcoin, as Bank of America, Citi and others took similar steps in a context of declining Bitcoin prices at course of the new year.
Meanwhile, the plaintiff is defending himself after being charged these extra fees, including over $ 140 in "fees" and another $ 20 in sudden interest charges related to close to one. half a dozen transactions at about the same time the ban.
According to the lawsuit, there are "hundreds" and "maybe thousands" of other Chase clients who have been similarly met with these unexpected charges in their accounts. Although the lawsuit may be about fees, it would not be surprising to learn that it is also a matter of principle.
& # 39; s stuck to it & # 39;
Before turning to justice, Tucker contacted JPMorgan Chase's customer service and gave them the option to remove the fees, to no avail. Instead, the lawsuit says that the bank "stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it."
Tucker's lawyers argue a violation of the US Truth and Loan Act, which aims to protect consumers from "abusive credit billing and credit card practices". written.
Class action lawsuit seeks damages of $ 1 million.
Image from Shutterstock.
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