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JPMorgan Sued Over Additional Fees for Cryptocurrency Transactions

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JPMorgan Sued Over Additional Fees for Cryptocurrency Transactions

Post by Vladdirescu on Sun Apr 15, 2018 11:32 pm

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/


Vladdirescu

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