A lone man decided to battle the largest bank in the United States after he was charged with fees when he purchased cryptocurrency. Idaho resident Brady Tucker’s lawsuit against JP Morgan Chase & Co accuses the bank of charging additional fees and higher interest rates on his crypto purchases with no warning. Since January 2018, JP Morgan has prohibited customers from buying crypto via credit card and considered any such purchases as cash advances.
David Vs Goliath
The case was filed in the United States District Court, Southern District of New York. The lawsuit claims that Chase violated the United States Truth in Lending Act – a mandate that requires credit cards to notify customers in writing of any “significant change in charges or terms.” Tucker’s lawsuit is requesting for actual and statutory damages amounting to $1 million.
According to Tucker, he was charged by Chase with $143.30 fees and an interest charge of $20.61 for five crypto transactions he made from January 27 to February 2. He claims that thousands of Chase customers who also bought cryptocurrency were similarly charged, and Reddit users agree.
Reddit users want to join the lawsuit
In a subreddit of /r/CryptoCurrency/ titled “jpmorgan_sued_over_fraudulent_surprise_fees”, users were quick to share their own experience with being charged by Chase. Commenter “Gsw” posted that his/her Chase debit card was hit by fees with no warning whatsoever. The user claimed he/she did not notice the fees until various purchases were made. The only alerts received was from Coinbase which told the user the crypto amount purchased via debit card. User “Gsw” claims that the added fees “were never alerted to me and I only saw them while checking my statement. Imagine the look on my face realizing that I had been charged an additional 3% fee buying cryptocurrencies using my own money (debit card).”
“Gsw” explained that anyone who purchased $500 of cryptocurrency could pay an added $15 to the bank besides the fees charged by Coinbase. According to “Gsw”, the additional charges were labelled by the bank as “NON ATM CASH FEE”.
Another user, “pizzatoppings88”, claimed that he was similarly charged. The user posted, “Oh my f*** this happened to me too and I didn’t understand why.” User “HodlBTCRedditor” declared his intent to join the lawsuit after he or she was also hit with charges. Other users did their own research and recommended to those who want to join the lawsuit to contact Finkelstein & Krinsk LLP, a San Diego-based law firm handling Brady Tucker’s case.
Will a class action lawsuit be made against JP Morgan Chase?
Though user “Gsw” was charged by Chase, these were eventually reversed after a month. “Gsw” also thinks that a class action lawsuit seeking for a million dollars in damages might be too little of an amount considering the thousands of people who were highly likely affected by Chase’s charges.
User “DahSnorf” described a similar experience of being charged but declared that he communicated with Chase’s and Coinbase’s Twitter accounts and that both companies eventually reversed the fees. Their experience was different from Tucker’s case wherein he claimed that Chase refused to remove the fees after he called their customer service line. Tucker’s lawsuit states, that Chase “stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it..”
A user named “chicagofaithful” encouraged Reddit users who want to take part in the class action lawsuit against Chase to send him a direct message. The user advised that he/she will send anyone who expressed their interest to join the the lawyer’s email address. According to “chicagofaithful”, he/she is personally connected to Tucker’s lawyer stating that “..he’s my brother in law and I’m trying to help him accumulate as many people as possible!”