Bitcoin Bites Back as JP Morgan Sued for Surprise Fees

In a satisfying swoop of ironic justice, JP Morgan has been sued for charging crypto purchases as high-interest cash advances.

The plaintiff, a Brady Tucker of Idaho, filed the lawsuit against the company in Manhattan Federal Court on Tuesday, April 10th. It alleges that Chase Bank of JPMorgan Chase charged cryptocurrency investments as high-interest cash advances rather than normal purchases.

The charges were said to have begun to occur suddenly in late January 2018, when the bank reportedly changed the classification of his cryptocurrency purchases but failed to notify investors of the change.

This was shortly before the bank outlawed cryptocurrency purchases entirely in February.

The bank is alleged to have refused to refund the charges to customers who complained through the customer service line.

The lawsuit suggests there could possibly be thousands of Chase customers who've been similarly affected by unexpected fees, which could be quite a payout.

In February of this year, several U.S. banks, including Bank of America, Citigroup, JP Morgan, Capital One and Discover took the liberty of banning their customers from purchasing cryptocurrencies.

According to the banks, this was purported to "Protect customers," and it has since emerged that some of the banks have been working on their own blockchain solutions.

Buying and trading cryptocurrencies should be considered a high-risk activity.

Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.