J.P Morgan Chase & Co accused for violating US Truth in Lending Act

On Tuesday, 10th of April, a lawsuit was filed against J.P. Morgan Chase & Co, the leading American financial service holding company in a federal court in Manhattan. The lawsuit was filed by a proposed nationwide class wherein, the bank was accused of charging extra fees from the cryptocurrency customers who purchased them using their credit cards. The bank also charged high interests on cash advances and refused to refund the customers who filed the complaint.

The firm has been prosecuted for violating the US Truth in Lending Act. According to this American Government policy, the firm requires informing its customers about any policy changes in written form.

The lawsuit has been filed following a plaintiff named Brady Tucker who alleged the bank for charging him $143.30 in fees and $20.61 in interest charges for cryptocurrency transactions which he had done earlier in 2018. Tucker was involved in many controversies with bank officials regarding the same.

The lawsuit has raised a claim to recover the class’ and Tucker’s entire money which they have lost along with costs involved in the filing of the lawsuit and additional attorney’s fees. According to previous reports, in the month of February, the bank had banned all the customers from purchasing cryptocurrencies using their credit cards.

The higher officials of J.P Morgan Chase & Co stated:

“financial institutions can face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies.”

Ryan Shaffer a cryptocurrency investor says:

“I REMOVED MY CHASE CARD FROM MY ACCOUNT AS SOON AS I WAS DONE TALKING TO THE RUDE CUSTOMER SERVICE AGENT! I RARELY USE MY CHASE CARD ANYMORE! ONLY REASON I HAVE NOT CANCELED IT IS ITS MY AMAZON CARD!”

Steward, another cryptocurrency investor at J.P Morgan says:

“Happened with every credit card, the Merchant code was changed to cash advance, not sure if the blame lies with coinbase or their payment processor or the credit card company”

A cryptocurrency enthusiast says:

“Banking institution without ethics, then comes with reports about the lack of transparency of the crypto-coins market … If they clean first …”

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