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TEHRAN, April 12 - JPMorgan Chase & Co has been hit with a lawsuit in Manhattan federal court accusing it of charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.
TEHRAN, Young Journalists Club (YJC) - JPMorgan Chase & Co has been hit with a lawsuit in Manhattan federal court accusing it of charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.
Filed on Tuesday on behalf of a proposed nationwide class, the lawsuit said Chase (JPM.N) charged both extra fees and substantially higher interest rates on the cash advances than on the credit cards and refused to refund the charges when customers complained.
Chase spokeswoman Mary Jane Rogers declined to comment on the lawsuit but said the bank stopped processing credit card purchases of cryptocurrency on Feb. 3 because of the credit risk involved. Customers can use their Chase debit cards to buy cryptocurrency from their checking accounts without incurring cash advance charges, she said.
Several banks in Britain and the United States, including Lloyds Banking Group Plc(LLOY.L), Virgin Money (VM.L) and Citigroup (C.N), banned the use of credit cards to buy cryptocurrencies earlier this year after a dramatic fall in the value of bitcoin, the most popular virtual currency.
Source:Reuters
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