Class Action Improper Bank Fees Lawsuits
Cryptocurrencies are a type of digital currency that uses complex codes to avoid counterfeiting and theft. Cryptocurrencies are used as a form of payment for online transactions and have gained popularity for the level of security built into these units, based on blockchain technology, that hackers find difficult to access. Bitcoin, Ethereum, and Litecoin are just a few names of popular cryptocurrencies.
Bank of America Cryptocurrency Transaction Fee Lawsuits
Some consumers have purchased Bitcoin and other cryptocurrencies using bank-issued credit cards and have noticed discrepancies in how these purchases have been handled by the corresponding financial institution. Bank of America has faced several lawsuits for allegedly charging improper fees to credit card customers who purchased cryptocurrencies. Customers were not notified that Bank of America would process these transactions any differently, however, they were charged “Foreign Transaction Fees” for purchases of Bitcoin and other cryptocurrency instruments.
Chase Bank Cryptocurrency Transaction Fee Lawsuits
Like Bank of America, Chase Bank is now facing a class action lawsuit related to improper fees charged for credit card purchases of cryptocurrency. The lawsuit alleges Chase Bank charged credit card consumers cash advance and additional fees and interest for transactions involving cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Court documents indicate an example from one consumer where transactions involving cryptocurrency showed up as regular purchases on his card statement and later in the same month similar transactions were billed as cash advances, costing him more than $160 in fees and interest charges.
Cohen & Malad, LLP class action attorneys represent thousands of consumers in lawsuits involving improper fees charged by banks, credit unions, and financial institutions across the country. More information about our consumer protection lawsuits can be found here.
If you or someone you know has been improperly charged fees for transactions like overdrafts, balance inquiries, negative balances, or other transactions, contact us. Our attorneys would like to gather more information about your transactions and can advise you of your legal rights and options.