Don’t Forget: Foreign Exchange Settlement
If you made any purchases overseas, you may be eligible…
We’ve written in the past about excessive foreign exchange fees and a recent ruling favoring consumers. The Foreign Currency Conversion Fee Antitrust Settlement provides approximately $336 million to an estimated 2.6 million credit card users who may have been charged excessive fees for foreign transactions. Consumers who traveled overseas and used a credit card to pay for expenses were not properly notified of the fees and the ruling provides restitution. The settlement covers charges made from Feb. 1, 1996 to Nov. 8, 2006. The deadline to apply is fast approaching - May 30, 2008. Have you filed for your claim?
Most credit card companies have already notified cardholders if they believe they were affected. If you were a cardholder for Visa, MasterCard, Diners Club, Bank of America, Bank One/First USA, Chase, Citibank, MBNA, HSBC/Household, and Washington Mutual/Providian during that time period and traveled outside the United States, make sure you look into the foreign currency litigation. This is what the settlement entitles you to:
- Infrequent Overseas Travelers who spent less than $2,500 during the period in question will get an automatic $25 payment.
- Significant Overseas Travelers who spent over $2,500 will get a 1% refund payment based upon an estimate of the total number of days spent overseas.
- Frequent Overseas Travelers who spent large amounts of money will receive up to 3% refund of their estimated spending.
What You Need to Do to Get Your Refund
- Log on to www.ccfsettlement.com to see a full list of credit cards eligible under the antitrust litigation. You’ll also find a section of claim forms and answers to frequently asked questions about the settlement.
- Request a copy of records for the time period in question. Although personal records aren’t required, the process is easier and quicker with them. Banks have records going back at least 5 years and under the settlement must provide electronic annual spending reports free of charge.
- Mail your information to: U.S. District Court Settlement Administrator, P. O. Box 290, Philadelphia, PA 19105-0290
- Receive a check in the mail, when the process is completed.
* Or, call (800)-945-9890 to see if you are eligible or if you have questions.
