JP Morgan is being sued over additional fees to crypto buyers

JP Morgan is being sued over charging crypto customers undeclared fees on their credit cards, after it began treating the transactions as cash advances in late January.

The suit was filed on behalf of a proposed nationwide class on Tuesday, reports Reuters, and claims that customers were charged both extra fees and substantially higher interest rates on the cash advances versus on the credit cards.

JP Morgan is being accused of violating the US Truth in Lending Act, which requires credit card issuers to notify customers in writing should any significant changes be made to charges and terms.

One plaintiff reports being charged $143.39 in fees and $20.61 in interest for five cryptocurrency transactions between January 27 and February 2.

The bank previously banned customers from purchasing cryptocurrency using their credit cards because of the perceived risk due to market volatility.