If this is not the season of scandals, I don’t know what else to call it.

JP.Morgan accused of Bitcoin Fraud

While the world is still recovering from the latest Facebook privacy scandal, and Bitconnect’s outrageous scam, JP.Morgan decided to join in as well.

 

Renowned for being America’s most corrupt bank, JP.Morgan continues to emit centralizing commands, making its customers more furious, especially those who cherish the cryptocurrencies.

In fact, the company has been confronted with a lawsuit on allegations of tacking on unannounced layers of fees and interest, hence overcharging its credit card customers who used funds to purchase cryptocurrencies

But this time, things got really out of control; the company was reportedly accused of charging millions of dollars in cash advance fees and sky-high interest charges on all crypto purchases affected by Chase’s cardholders.

Brady Tucker, is one of them and he’s not very happy. Tucker filed a complaint against JP.Morgan earlier in April,  claiming that Chase Bank incorrectly charged him $143.30 in fees and $20.61 in interest, stemming from purchases made using his Chase card in January and February.

Back to how it all started, Chase was one of a number of institutions to stop allowing its customers to make such purchases using their credit cards at the beginning of February.

However, before putting an end to all purchases, the bank began treating such expenditures as “cash advances” in January, but did so “unbeknownst to Chase’s cardholders.”

Attorneys for Brady Tucker asserted that Chase Bank violated the Truth in Lending Act by not disclosing the policy shift.

Apart from that, the lawsuit mentioned that there are “hundreds” and “possibly thousands” of other Chase customers who were similarly met with these unexpected fees in their accounts. While the suit might be about the fees, it’s legit to say that it’s also about the principle.

The funny thing about that is Jamie Dimon, the CEO of JPMorgan, infamously called bitcoin a fraud a while back: how ironic is that!!  Commiting a fraud by making unwarranted profits of something you once called a fraud is something only Jamie would do.

Another sign on why we should seriously proceed with a total decentralization of the financial sector..

JP.Morgan

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Wejden Khachaa

Marketing/Finance Bachelor, worked in several tech start-ups at a young age, her passion for blockchain and her firm belief that it will change the world one day inspires her to write about related topics.

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