INFO: Get inflated Credit Card/ATM conversion fees back!!! - TravelPUNK Backpacker College Student Budget Travel Message Boards!

**kingcrazylegs** · 12-05-2007, 01:46 PM

Currency Conversion Fee Refund!

This is the real deal folks, so take the time to read this and get a refund, but only if you live in the US (so if not, read no further). This is basically a result of a class action settlement filed in the US District Court.

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. Plaintiffs challenge how the prices of credit and debit/ATM card foreign transactions were set and disclosed, including claims that Visa, MasterCard, their member banks, and Diners Club conspired to set and conceal fees, typically of 1-3% of foreign transactions, and that Visa and MasterCard inflated their base exchange rates before applying these fees. The Defendants include Visa, MasterCard, Diners Club, Bank of America, Bank One/First USA, Chase, Citibank, MBNA, HSBC/Household, and Washington Mutual/Providian.

How to get a refund?

You will need an estimate of the amount of days you traveled between Feb. 1, 1996 and Nov. 8, 2006, then:

1. Go to: http://www.ccfsettlement.com/
2. Click on: "Submit Claim Form" - top right
3. Click on: I do not have a Refund ID - middle left
4. Read your 3 options. If you traveled more than an average of 2 weeks a year, then choose option 2 or 3.

I traveled 1825 days during this time period, and will get back 1% of all the money I spent on credit and ATM cards while abroad!

**omisan** · 12-05-2007, 03:16 PM

Wow.. I'm gonna have to dig through my past statements and see how high a total I can rack up... Considering I also mail-order stuff from other countries and get stuck with the fees, I can count those, too!

Thanks!!

**lost in texas** · 12-05-2007, 03:56 PM

Thanks for posting. This is cool, but it sucks for me because the cut off is before I left for Europe. I was still out of the country for a couple of years, but didn't spend much when I was working...

I wonder how many months/years the process will take?

**kingcrazylegs** · 12-05-2007, 04:23 PM

Quote:

Originally Posted by lost in texas

Thanks for posting. This is cool, but it sucks for me because the cut off is before I left for Europe. I was still out of the country for a couple of years, but didn't spend much when I was working...

I wonder how many months/years the process will take?

If you were out of the country for a couple years than go with option 2. They will give you 1% back of the AVERAGE SPENDING of a US tourist for the amount of days you were abroad!

**TheJake** · 12-05-2007, 04:53 PM

I actually received a letter in the mail regarding this yesterday and didn't look at it real close until today, then I saw this and knew it was legit so I went on and put down 70 days which is a pretty decent estimate though I probably could've tacked on another 10-15 now that I think about it. I forgot mexico!

Should be interesting to see what comes back!

**Dig** · 12-05-2007, 05:07 PM

Dude, you ROCK.

I unfortunately cannot claim any money because my over-seas trip was this year.

I would, however, like to buy you a drink

if I ever meet up with ya. Thanks for helping your fellow travelers!

**maracle** · 12-05-2007, 05:15 PM

I'm debating between option 1 and 2. I've spent a lot more than a week outside the US, but I haven't put much on my credit card. I mostly just withdraw cash with my ATM and spend local currency.

The paperwork says they'll estimate based on how long you were out of the country and any information they can find in their databases. So if they can check my actual records they could potentially send me a check for like 32 cents

On the other hand it seems unlikely that they could have a database with every transaction on any CC for a 10 year period so I think I'll risk it. Not much of a downside

By the way, I noticed this little section on my papers:

Quote:

How will the attorneys be paid?
The lawyers for the class members will request 27.5% of the estimated $313,000,000 expected to remain in the settlement fund after deducting costs for administering the settlement and notice, plus interest, for attorneys' fees for investigating the facts, litigating and resolving the case. They will also request reimbursement of their expenses, not to exceed $5,000,000, to be paid from the settlement fund

I should have gone to law school!

**kingcrazylegs** · 12-05-2007, 07:15 PM

Quote:

Originally Posted by Dig

I would, however, like to buy you a drink

if I ever meet up with ya. Thanks for helping your fellow travelers!

You're welcome, and a drink, anytime.

Quote:

Originally Posted by maracle

I'm debating between option 1 and 2. I've spent a lot more than a week outside the US, but I haven't put much on my credit card. I mostly just withdraw cash with my ATM and spend local currency.

The paperwork says they'll estimate based on how long you were out of the country and any information they can find in their databases. So if they can check my actual records they could potentially send me a check for like 32 cents

On the other hand it seems unlikely that they could have a database with every transaction on any CC for a 10 year period so I think I'll risk it. Not much of a downside

If you go with option 2 they will just go on the average spending per day x the amount of days you traveled. If you do option 3 you will tell them all the cards you used. ATM fees are also included in this.

**simply_angelic** · 12-06-2007, 06:15 AM

Never before in my life have I ever wished to be an american

(ok, ok. I lied. I want to be on the amazing race dammit!)

**lost in texas** · 12-07-2007, 09:56 AM

Quote:

Originally Posted by simply_angelic

Never before in my life have I ever wished to be an american

Please, you know you yearn for the Promised Land.

Actually, with millions of people defaulting on their mortgages---and the dollar basically worthless---it's a great time to make the move!

**BelfastFlyer** · 12-09-2007, 03:24 PM

Quote:

Originally Posted by simply_angelic

Never before in my life have I ever wished to be an american

(ok, ok. I lied. I want to be on the amazing race dammit!)

I really wish they would bring out a european version of that show!!

Shame this will never come to the UK, the bank i work for has recently put up it's over seas transaction charge. Gladly I don't use them and don't get charged anything with my nationwide card!

**marc873** · 12-26-2007, 05:36 PM

Yep, finally got off my lazy ass and claimed option 1 for both Roxy and I. $50.00 coming our way for about 2 minutes of my life. Whoot!!!!!!!!!

**juliagulia** · 12-28-2007, 11:25 PM

Too bad I didn't even own a check/credit card before 2006! I would have been able to get SOMETHING from Greece and Turkey...

**mbo108** · 12-29-2007, 03:52 PM

Yeah, i got this letter as well! I finally decided on just going with Option 1. 25 should a random happy hour tab.

**pinknic38** · 12-30-2007, 01:37 PM

wait what if I don't have the credit card anymore... I was in Mexico and Spain during these dates, and used a credit card that I eventually paid off and closed... would the account number be on my credit report perhaps?

otherwise I guess I'll have to skip over my $25....

**maracle** · 12-30-2007, 02:54 PM

If you got a settlement form in the mail you don't need to give them an account number...are you parents accumulating a big stack of mail back home or something? Maybe you've got this form.

Otherwise it'll probably be on your credit report still. Closed accounts stay there for a while. I can't remember if the entire account number appears though or if they blank out part of it.

I suppose you could try calling your CC company if you remember which bank issued your card, they might be able to tell you your number. There's also an 800 number for the lawsuit, you could call and see if they can mail you a form with a Refund ID or look up your ID: https://www.ccfsettlement.com/contact/