MaureenB

I just received a bill insert with my Visa credit card statement. It says some foreign transaction fees may be refunded, if you used a Visa branded card in recent years.

You have to fill out the form provided, documenting when you were charged the fees, and how much you had spent. That will take a bit of research, but I'll do it. The deadline is far in the future.

My fees were only the 1 percent, with no additional from my credit union, so I wonder if I'll get anything back. I assume it applies to my debit cards, too, but I haven't read the mailer that carefully yet.

Anyone know anything about this?
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Dukey

I seem to recall the possibility of a class action suit being brought against the CC-issuing banks regarding these "conversion fees."

If that is true then perhaps that might be driving this.

I wish someone would bring a suit regarding the so-called "increased costs" of having ATMs in place that banks seem to think justifies the fee some people pay to use them but I suspect the banking lobby would continue to fight that.

Travelnut

I got one, also. I think it has to do with the foreign transaction fees being a 'hidden' charge, prior to the change implemented last year where the fees now have to be displayed as a separate transaction from the purchase.

xyz123

Yeah it's a typical American class action suit....it will make the lawyers rich as they get 1/3 of the settlement while the peasants get pennies....it has nothing to do with how immoral this charge is (banks have no part of the currency conversion process, it's done by visa (or mastercard) but they have never passed on a way to screw their customers whenever possible..now they have been forced to disclose these fees. Before they were simply hidden and that's the basis of the class action suit.

Don't count on getting a whole lot of money out of it that's for sure.

Dukey

Since banks are issuing those CCs I do not see how anyone can say that banks have no part in every single thing those CCs do or don't do.

MaureenB

Now that I've read the fine print, it says:

"If you used a Visa- or MasterCard-branded credit card or debit/ATM card, or a Diners Club card to make a foreign transaction from February 1, 1996 - November 8, 2006, you may have the right to a refund of all or part of the related foreign transaction charges. The deadline to file a claim: January 9, 2008."

It will probably take me till January 2008 to collect all the data from three trips to Europe during that time-frame!

I don't expect much, if anything, to be returned, but I'll fill it out for the sake of doing it. Jeez.
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Fidel

Maureen, I promptly filled mine out "to the best of my recollection" and am unworried about documentation. And you sound bitter xyz; I don't blame you, but the flash of time when our major systems gave leadership and vision is long gone. Oh, don't get me veering off course, I am more concerned that the hex code is discontinued. In the meantime I will wait for the bastids to send my check.

nibblette

I wonder what the final outcome will be. I took a lot of int'l trips during that time period. I'm not optimistic on how much we will get, esp after all the huge lawyer fees (the main winners).

I was unfortunately involved in some of the stock scandals of the past few years. My final restitution from the class action suit was less than 1% of what I had lost. It was not worth all the paperwork and taxes that are still required on the tiny amount.

StuDudley

How did "class action" get into this discussion. Do any of the statements from the banks mention that this is the result of a class action???

Letters I've received about class actions (Enron) have all been from lawyers representing the plaintiffs. The letter Maureen received was from the "defendent" - her bank/CC issuer.

Stu Dudley

Fidel

Yes, they are class-action suits, and as part of the settlement the banks are required to take the steps to make plaintiffs whole. The transaction fees they silently stole from us must now be refunded.

NeoPatrick

Here's everything you wanted to know and more about it. Also there are the claim forms here -- they recommend filing on line rather than downloaded and filling out the forms.

http://www.ccfsettlement.com/

sandi_travelnut

I have not seen this but have been to Europe 5 times during that time period and used Visa. Should I contact my bank to get the form?

NeoPatrick

sandi, you can get the form and even fill it out online at the link I just gave above.

Important note: it says that the banks in question must provide you free with up to six monthly statements during those years. So if you don't have a copy, but know the month you went, you could at least get that from the credit card bank.

FainaAgain

5 years ago I filled out something for Microsoft - a free envelope was provided. Still waiting for a penny at least

hopingtotravel

I received the class action mailing and also wondered about it. (I threw out all the ones I received from my enormous tech stock losses--knowing how it would go to the lawyers).

However, I did have 4 trips to Europe during those years. No way could I reconstruct it all. It might be worth doing if hotel room prices were included--anyone know?

Actually, only once have I ever received the promised VAT refund after dutifully filling out and mailing everything.

Sometimes you just have to ask yourself--how much is your time worth.

Carrybean

I posted about this before on another CC thread.

I've always gotten my VAT back (knock on wood.)

Margo_Chester

Patrick, thanks for the link!

Fidel

...are hotel room prices included...

I don't think you're understanding this. Your credit card bank charged you fees on every foreign exchange transaction you made during that time period without telling you first. They now must refund those fees.

doc_jc

I just my notice today, It took me a while to understand... I made several purchases in Europe and South America with MasterCard during 2003-2005, but closed that account about a year ago because of all the fees and unfair exchange rates. I moved and I don't have the statements anymore, so I can't recall how much money I spent.

For those of us who don't have statements or closed the account, what is the procedure?

Thanks!