[2018-04-15]JPMorgan Sued Over Additional Fees for Cryptocurrency Transactions

[Vladdirescu87]

A Chase credit-card holder sued a popular financial company for an enormously big charge taken from his account, as he wanted to purchase digital currencies, like bitcoin and some other altcoins. Chase Bank taxed the customer’s crypto trading activities as cash advances rather than traditional purchases.

Brady Tucker, a discontented credit-card customer, wrote in a complaint to the court:

"Chase began treating all its customers' crypto purchases not as ordinary credit card 'Purchases' — as Chase had for years — but instead as 'Cash Advances' from Chase to the credit cardholder. When Chase implemented this change in late January 2018, Chase did so in total silence. Chase provided no prior notice to its cardholders that their crypto 'Purchases' would be treated as 'Cash Advances' on a going forward basis. All of this occurred unbeknownst to Chase's cardholders."

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/jpmorgan-sued-over-additional-fees/

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[aso118]

It is debatable who is at fault here. The root cause for the increase in fees is the change in classification codes by the payment processors - Visa and MasterCard. Chase Bank did nothing but process transactions and charge fees according to the code given to them by Visa/MasterCard

https://techcrunch.com/2018/02/05/visa-and-mastercard-make-it-harder-to-buy-bitcoin-and-other-cryptocurrencies/

[Gotottack]

Well with this, Chase is at fault. Said company should ensure transparency at all times especially so that its business involves money. When money is at stake, all people are very much inclined to how it is going to be primarily because these are hard-earned bucks. Now that Chase is involved in this whole fiasco, I think it can hardly salvage itself because the complaints against it are publicized all over the internet. When this happens, people would be more cautious when transacting with it at best, or if not, will totally avoid transacting with anything that has to do with Chase.