The stock of JPMorgan Chase & Co (NYSE:JPM) closed at $110.62 losing 1.68% in yesterday’s trading session. This Company has been accused of over-charging interest rates and fees, a matter that has been deemed as unfair to the various customers who had earlier taken the initiative to employ their credit cards in making cryptocurrency purchases. And all this is happening at a time when there is a lot of uncertainty about Bitcoin.
One Chase credit-card customer in Idaho called Brady Tucker a short while back disclosed that in January the bank had started handling his cryptocurrency buys as cash advances. He was very much against that because he thought that it should have instead treated them as purchases and that would have played out better for him. The move it undertook culminated in it charging him interest rates of about 30 percent on a yearly basis and that was accompanied by some additional fees.
It is also crucial to also point out to the fact that the suit is pulling along at a time when quite a significant number of the credit-card issuers are looking into measures that would see them succeed on their quest to either limit or block the various cryptocurrency purchases.
Jamie Dimon, the JPMorgan Chief Executive Officer sometime back was quoted referring to Bitcoin as a fraud terming all those traders that bought or sold them stupid. The sentiments were not taken quite well by most of the crypto enthusiasts who thought his statements were very radical.
Later on, he was heard saying that he was taking back his words and he apologized immensely. He said that was wrong to have dismissed the technology on such a broad basis.
It was in January that the bank took to treating the purchases as cash advances eventually charging Tucker about $143 in the form of fees and $20.61 in interests. He had later on gotten in touch with the customer service line where he launched complaints.
The concerned parties are closely following on the matter to find out how matters play out on the long run.