Banking for semester in London; what to do US students do?
Dec 5th, 2013, 09:32 AM
#21
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Christina, the 'no foreign transaction fee' was common in the USA until a few years ago. As a result, class action lawsuits were filed.
I don't think this is the place to go into a lot of detail but you can read enough here to get the idea.
http://www.ccfsettlement.com/home/
Also have a look at this link. http://classactionblog.mpnsb.com/201...nsaction-fees/
Never trust a bank.
I don't think this is the place to go into a lot of detail but you can read enough here to get the idea.
http://www.ccfsettlement.com/home/
Also have a look at this link. http://classactionblog.mpnsb.com/201...nsaction-fees/
Never trust a bank.
Dec 5th, 2013, 12:13 PM
#23
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Tell em to be careful when using ATMs to guard their PIN numbers - some scams lately all over Europe, especially in use in touristed areas - sometimes even mirrors being used, etc - go inside a bank if possible - charge everything they can if the fees are low.
Dec 5th, 2013, 12:18 PM
#24
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I might be wrong about this, ducius, but its been my experience that banks commonly add the exchange loading fee (that extra 3%) on credit card transactions, but rarely (if ever?) do that on cash withdrawals with an atm or debit card. Am I incorrect?
After that class action suit mentioned above, I believe the credit card companies were required to be more transparent about those fees. They are separated out on your credit card bill, instead of just being rolled into the price of whatever you bought. So at least you know what you got gouged for.
After that class action suit mentioned above, I believe the credit card companies were required to be more transparent about those fees. They are separated out on your credit card bill, instead of just being rolled into the price of whatever you bought. So at least you know what you got gouged for.
Dec 5th, 2013, 01:09 PM
#25
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A lot of USA debit cards never did add exchange loading china, that's correct. The issue was on credit cards. However, it is not wise to assume that any bank does or does not add exchange loading on any card. Assume they DO until you find in writing that they don't and don't assume that what words they use in marketing make that clear. Read the fine print in your user agreement.
Buyer beware really does mean it is your responsibility to make sure. So you have to do your due diligence. Look at the second link I provided to Christina.
Now banks are even trying to add foreign transaction fees onto DOMESTIC transactions as the link shows.
Buyer beware really does mean it is your responsibility to make sure. So you have to do your due diligence. Look at the second link I provided to Christina.
Now banks are even trying to add foreign transaction fees onto DOMESTIC transactions as the link shows.
