Foreign Currency Fee Refund

[backflip]

Several debit and credit card issuers have set up a fund to provide refunds for fees associated with "transactions made in a foreign currency or a foreign country".

Check out the following URL:

https://www.ccfsettlement.com

Before you post, read the FAQs.

[thaihome]

Very interesting. My foreign transactions over the past 10 years could be rather large, probably in the 100's of thousands. Now I've got to figure out how to get them amounts, I certainly have not kept all the bank statements. I read that BofA will give you sx for free, wonder how much 7 years worth will cost.

TH

[PeaceBlondie]

I stopped charging things by credit card as much as possible after Citibank and Wells Fargo added their 3% service charges (double for cash, even if you had overpaid your account!!). Thanks; I shall check my last 3 months.

[greg67]

I just received my mail from the US and sure enough there was a letter from my credit card company informing me about a class action suit and possible reimbursement of foreign transaction fees. I clearly remember how, about six years ago, I called my credit card company and tried to have them remove these transaction fees. They wouldn't budge. I hope we'll get our money back with interest.

[ProThaiExpat]

While contingent fee lawyers are generally decried by many in the business community, consumers benefit by class action lawsuits, suits such as this one, not so much for the amount of the recovery, but for policing the industry involved.

Sure it only took the card issuers to "declare" the 3% fee rather than hiding it, as a result of this litigation, but many of us now use our cards differently that when the charge was hidden.

I have no clue why but Schwab recently gave me a credit for "overseas card fee" when I used my visa debit card issued by Schwab. Perhaps Visa shares with the issuing bank in some way the extra charges they make automatically for overseas transactions ? I know Citibank charges 3% for overseas transactions, but if Schwab doesn't, there must be something hidden between Mastcard and debit card issuers that would cause Schwab to make such a credit?

[jaideeguy]

Still waiting....filled out forms for claim before deadline and got curious and went to the site......

http://www.ccfsettlement.com/home/

The current status of this class action settlement is that a decision to grant final approval of the settlement is pending before the Court. The Court has scheduled a hearing for August 6, 2009 concerning the recommendations set forth in a report submitted on July 2, 2009 by the Special Master (click the "Documents" link to obtain a copy of the Special Master's report and the July 2, 2009 Order concerning the August 6 hearing and important deadlines).

Since the expiration of the claims submission period, on May 30, 2008, the Settlement Administrator has been auditing and validating claims. Please be advised that any claims postmarked or faxed after May 30, 2008 will be considered late. Also, any changes to your address or contact information should be sent in writing to the Settlement Administrator. The issuance of refund checks for valid timely claims will not commence until after the Court enters an order granting final approval of the settlement, any potential appeals are resolved, and the Settlement Administrator has validated the claims. Please continue to check this website for additional information about the settlement and claims administration as it becomes available.

is it happening?? has anyone received any claims/corespondence from the 'sharks'??

I haven't

[taxout]

Wading through some of the documents, it looks like those who chose the simple "Option I" payout will receive $15 to $17, which is less than anticipated because of the large number of claims filed.

[jaideeguy]

But, quite a bit more if you choose option 3.....which I did, as I was living in Asia totally on ATM transactions during that time frame. They owe me 'big time', or 3%+ of 'big time'!

Refund Option 3 is the Annual Estimated Refund option. It is recommended if you had extensive foreign travel or foreign transactions and are willing to provide year-by-year information. Please note that if the volume of claims is unexpectedly high, it may be necessary to adjust the refund amounts.

Edited August 6, 2009 by jaideeguy

[Thanyaburi Mac]

But, quite a bit more if you choose option 3.....which I did, as I was living in Asia totally on ATM transactions during that time frame. They owe me 'big time', or 3%+ of 'big time'!

Refund Option 3 is the Annual Estimated Refund option. It is recommended if you had extensive foreign travel or foreign transactions and are willing to provide year-by-year information. Please note that if the volume of claims is unexpectedly high, it may be necessary to adjust the refund amounts.

I think that's what I did. Do remember filling in several sheets of forms with year-by-year ATM hits. Got those at home, but am in D.C. area at the moment, so can't check the details.

Time to go and order a new Toyota van now?

Mac

[fiddlehead]

I've been waiting almost 2 years since i first filed a claim because of one of these letters.

I'd hold off on ordering that new Toyota.