Oh WOW, did you get this in the mail?

[E equals MC2]

Got a snail mail from US District Court today. Apparently Visa, Mastercard, BoA, Diners Club, Bank One, Chase, Citibank, HSBC and all of these fvckers conspired to set and conceal 1-3% foreign transaction fees if used outside of US.

It reached a $336 million dollar settlement and I'm eligible for $25, or 1% if my out-of-state expenses have been less than $2,500.

This is so troubling. All these companies in it all for this.
http://www.ccfsettlement.com/

 

[aphex]

yea, got mine today... Im debating doing #2, i spent about 200 days abroad in the span.... how is it calculated with #2? Its kinda vague

 

[FoBoT]

what are the dates covered? it doesn't go back to 1996-1998 does it? if so, i'd get a bunch of money

crap, nevermind, AMEX isn't included

 

[E equals MC2]

Originally posted by: FoBoT
what are the dates covered? it doesn't go back to 1996-1998 does it? if so, i'd get a bunch of money

yup, goes all the way back to 96 to November of 06.

 

[StageLeft]

I signed up for the $25. I expect it in about 5 years.

 

[Jeff7]

Can we just cut off a finger from each member of the executive boards in the companies?


These are just the transgressions that we catch. Imagine how much gets through thanks to loopholes generously provided by the legislators.

 

[newb111]

Got mine too. Don't have records so I guess I just get my $25.

 

[Billb2]

Did the online response today........Sho me da mony!

 

[InverseOfNeo]

So it doesnt cover this year? I remember getting charged a fee when I used my Citibank CC in Mexico.

 

[George P Burdell]

I just did the $25 thing online. Lets see how long it takes for the money to show up.

 

[PHiuR]

just submitted it. hope i get the money soon!

 

[dartworth]

I received two in the mail...

 

[AnthroAndStargate]

marked for money win later.

 

[Spineshank]

Glad im not the only one, had no idea wtf it was.

 

[Injury]

Good. I was PISSED last year when I went to Ireland. Buy a couple of beers in a pub, move along to the next... repeat... after a couple nights of that I got hit up for these fees for about $50.... and of course I didn't know it until I got home.


They shouldn't boast a card that works worldwide when they don't disclose how much it costs to use in other countries quite plainly.

 

[akshatp]

Plaintiffs estimate that the maximum total amount of foreign transaction fee revenues covered by the settlement is approximately $3.8 billion after reductions for fraud and for defaults on credit card obligations. This $3.8 billion amount includes relevant fees paid on both credit and debit card transactions by members of the Settlement Damages Class from February 1, 1996 through November 8, 2006. The $336 million gross settlement fund represents approximately 9% of the maximum total amount of foreign transaction fees so estimated.

Got mine in the mail today also. So lets get this straight, they raked in 3.8b and only have to pay out 336m??? What a crock... Not even 10%...

 

[alien42]

got mine and will be going for the $25

 

[dud]

The members of this class action are receiving a pittance. The real money is being made by the damn lawyers.

 

[Aharami]

Originally posted by: akshatp

Plaintiffs estimate that the maximum total amount of foreign transaction fee revenues covered by the settlement is approximately $3.8 billion after reductions for fraud and for defaults on credit card obligations. This $3.8 billion amount includes relevant fees paid on both credit and debit card transactions by members of the Settlement Damages Class from February 1, 1996 through November 8, 2006. The $336 million gross settlement fund represents approximately 9% of the maximum total amount of foreign transaction fees so estimated.

Got mine in the mail today also. So lets get this straight, they raked in 3.8b and only have to pay out 336m??? What a crock... Not even 10%...

yea. a 10% payback is no incentive for these companies to not pull some kinda stunt like this again!. They should make them pay 200 - 500% of the money they 'earned' from this. Make it unprofitable for them and they will atleast stop to think about it next time.

oh and I didnt get anything. I have a Chase VISA, but Im not sure if I used it abroad. AMEX is my main card

 

[Aharami]

Originally posted by: dud
The members of this class action are receiving a pittance. The real money is being made by the damn lawyers.

generally, the only winners in a class action are lawyers

 

[TheNewbie]

Wow!
I use my cc with foreign currency quite a lot, looks like I'm in for a refund of 2k or so.

 

[Uppsala9496]

I'll be going with the $25 since I don't have any records. Sucks that I don't have any either because I know I'm eligible for more than the $25. Oh well.

EDIT: Let's see, Dublin in 2004, Dublin in 2005, Austria in 2006. Sweden in 1998, 1999, 2000, 2001.
Damn this sucks.

 

[PhoenixOrion]

Double-checked my stack of 'other' mail...........also got the copy of notice.

I started using CapitalOne Mastercard in 2007 coz I got tired of the 3% FTF (foreign transaction fee) on all my expenses abroad using another card before it.

I remember listening to Clark Howard describing FTF as one of the major 'junk' fees imposed by credit card companies.

 

[CaffeineAndStuff]

Originally posted by: Uppsala9496
I'll be going with the $25 since I don't have any records. Sucks that I don't have any either because I know I'm eligible for more than the $25. Oh well.

EDIT: Let's see, Dublin in 2004, Dublin in 2005, Austria in 2006. Sweden in 1998, 1999, 2000, 2001.
Damn this sucks.

Can't you look in your passport for the entry/exit stamps? That will tell you the dates you have been out of the US

 

[Fritzo]

I got it too, I spent a good $800 in Canada. I wonder if that counts