Question
Some folks will recall the suit against American Express for their foreign currency conversion fees on charges made in a currency other than dollars, and the settlement that followed.
Now there is a settlement in the class action against VISA, MC, and Diners Club for similar currency conversion fees. The lawsuit is about the price cardholders of Visa-, MasterCard-, or Diners Club-branded payment cards were charged to make transactions in a foreign currency, or with a foreign merchant, between February 1, 1996 and November 8, 2006. The Settlement Fund is $336,000,000!
Claims against the settlement fund have to be filed by January 9, 2008.
You can claim based on transactions made in foreign (i.e., non-US$) currency from February 1, 1996 through November 8, 2006.
For more information, down-loadable forms, etc., go to:
http://www.ccfsettlement.com/
Questions? 1-800-945-9890
Answer
This seems like a real waste from the point of view of the consumer. The procedure In terms of finding records to get a refund does not seem worth it to me, which seems really unfair to consumers. How is anyone supposed to realistically be expected to have charge records going back to 1996? Even for more recent records, it would seem that for most people, the time necessary for determining the amounts would not be worth the expected return.
Answer
It would be wise to look at the website where you would discover that reasonable estimates are perfectly okay in making your claim. :) Evidently the class counsel also thought it might be tough to come up with many years old records for most card users. So even bad record keepers (most of us) can get some bucks. :D
Answer
It would be wise to look at the website where you would discover that reasonable estimates are perfectly okay in making your claim. :) Evidently the class counsel also thought it might be tough to come up with many years old records for most card users. So even bad record keepers (most of us) can get some bucks. :D
Unless there is something elsewhere, the following does not sound like a reaonsonable estimate. Also, "under penalty of perjury."
"You do not need to attach bank or credit card statements to your claim. However, by submitting a claim you are representing under penalty of perjury that all information provided is true and correct, that you have not submitted more than one claim form and that you are the primary card holder on the accounts included on your claim.
In addition, all claims are subject to audit and you may be asked to provide additional information to support your claim. Please keep proof of your eligible transactions until your claim has been processed. By submitting a claim, you authorize your bank and the settlement administrator to provide and share information to verify your status or claims."
Even if you want to object to this nonsense "If you object, you must also give notice to the attorneys for the class by hand delivery, overnight mail, or by certified mail, return receipt requested."
Unless I am missing something (I have not had time to read this carefully), it seems to me that this whole settlement is a bigger rip-off of the consumer than the original currency conversions.
I would love to tell the court this, but I do not feel like sending certified letters to everyone concerned. I am sure the lawyers who set this up realize that. Frankly we should be able to send one email or fax, but that would make it easy for consumers.
Answer
I was pretty interested in this, as I probably have a spend in the tens of thousands of dollars internationally during this period. However, there is no guarantee of what you are going to get back on this - it won't be decided until everyone submits a claim by next year.
Only the lawyers are going to make any sort of money on this...
Answer
How is anyone supposed to realistically be expected to have charge records going back to 1996?
I'm pretty sure I do, and I've done a whole bunch of international travel during the ten year period. The biggest problem for me would be figuring out when I've been charged fees. I know in recent years my bank has shown the converted amount in $ after posting the charge in local currency, but I don't remember off-hand them 'fessing up about additional fees along with.