JPMorgan Chase Reconciles Credit Card Fees On Crypto Coin Purchases

  • JPMorgan Chase has now cleared a lawsuit and has reconciled the alleged charging of fees on Crypto and digital asset purchases without prior notice.
  • Brady Tucker, Ryan Hilton and Stanton Smith who are the customers of JPMorgan Chase said the new fee structure was started without any advanced warning to its customers.
  • JPMorgan said that crypto transactions, including buying them, are grouped under cash-like transactions.

The prodigious banking company JPMorgan Chase has now cleared a lawsuit and has reconciled on the alleged charging of fees on Crypto and digital asset purchases without prior notice.

This marks the end of the legal case against JPMorgan Chase over the matter.
The unpublished fee structure was brought into effect at the start of 2018 without any notifications to the cardholders who brought Crypto and digital assets which were viewed as a violation of laws under cardholder terms of service.

A few customers brought up the issue on this after the banking giant introduced the fee structure with any notice. Brady Tucker, Ryan Hilton and Stanton Smith who are the customers of JPMorgan Chase said the new fee structure was started without any advanced warning to its customers.

JPMorgan Chase, however, held its ground with supportive statements against the accusation with the application of cash advance fees for digital currency purchases which the company had previously depended upon.

JPMorgan said that crypto transactions, including buying them, are grouped under cash-like transactions and upon which the change in the fee structure was not to be viewed as against the law.

However, in August the previous year, the judge in the court hearing cleared the confusion of cash like transactions as only applicable to fiat currencies such as money orders, cash, and traveler’s cheque.

JPMorgan Chase directed to the point that a change in merchant category rule at Coinbase, which changed from purchases to cash advances henceforth shifting the applicable fee structures to digital currency transactions on Chase credit cards.

This hearing came under light, and jointly JPMorgan Chase published an in-depth article that it was exploring the advantage and implementation of Blockchain technology and concluded that the Blockchain technology had still be explored to depth until it can be brought into effective use.

JPMorgan Chase was also the first banking institution to inaugurate a stable coin named JPM Coin. It can be concluded that the banking sectors and institutions are making an effective approach to study and integrate the power of the information and finance technologies.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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