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About 10 million people who traveled abroad from 1996 to 2006 and used their credit or debit cards will receive a check in the mail by the end of the year thanks to a class action lawsuit settlement over an alleged conspiracy by credit card companies to charge hidden fees on purchases made outside the U.S.
More information on the foreign credit card fee settlement can be found at www.CCFSettlement.com.
Credit Card Foreign Transaction Fee Settlement Checks Arrive
By Matt O’Donnell
About 10 million people who traveled abroad from 1996 to 2006 and used their credit or debit cards will receive a check in the mail by the end of the year thanks to a class action lawsuit settlement over an alleged conspiracy by credit card companies to charge hidden fees on purchases made outside the U.S.The foreign credit card fee class action settlement, reached in 2006, will pay consumers nearly $276 million to compensate them for an alleged conspiracy amongst the major credit card companies to conceal markups and fees, typically 1% to 3%, on foreign transactions. According to the class action lawsuit, the amount of these markups and fees and the alleged failure to adequately disclose them to consumers violated federal and state antitrust, disclosure, unfair competition, deceptive practices, and consumer protection laws.
Travelers can expect to receive around $18 from the credit card foreign fee class action settlement within the next two months. Some participants may receive more depending on how much spending they did between February 1, 1996 and November 8, 2006 that was subject to the exchange rate fees, and the payment option they choose.
The deadline to participate in the foreign credit card fee class action settlement was May 2008.
Defendants in the case were Visa, MasterCard, Bank of America, Bank One/First USA, Chase, Citibank, Diners Club, HSBC/Household, MBNA and Washington Mutual/Providian.
All the defendants denied any wrongdoing and said they properly disclosed the fees.
American Express was not included in the class action lawsuit, but is the subject of a related pending case that accuses the lender of colluding with Visa and MasterCard to set the fees for converting purchases made in currencies other than the U.S. dollar. American Express has denied wrongdoing.
Updated November 16th, 2011
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10 thoughts onCredit Card Foreign Transaction Fee Settlement Checks Arrive
I was expecting a settlement check in the amount of $136.87 and have NEVER received anything from the CCF Settlement. We have not moved so there has been no change of address. The CCF Settlement website has been shut down and their phone number given to me when I filed in 2007, is a dead-end. Was this too a SCAM?
Pls kindly clarify whether following a successful class action in 2010 against the most important US banks credit issuers regarding foreign transactions fees, can these entities still charge those fees? They continue to do so, recently I was charged $100 for my Europe travel purchases. In my opinion, once their clients won the class action suit against them, those banks cannot charge those fees any more. Am I right or not? Or should I wait for another class action to get those high fees charges back? If e.g. Chase must now return 19 billions to defrauded investors, why should its customers trust it that those fees are legal? A foreign electronic transaction cost banks nothing, as I read in some specialized mass media. Many thanks for your response.
it is now 11/20/13 and I have heard nothing or received a settlement . what are my options?
I had a change of address but still have not received a check forwarded to me. It would be nice to wrap this up and get my check.
Received a check today for $8.23.
Likewise … it’s now 4/2013 and I have not received a check.
Does anybody know why in addition to the settlement, the courts did not issue an edict forbidding these thieving scum-bag banks from from continuing to charge these arbitrary foreign transaction fees … are you listening Citibank ?
It’s 3-20-13 and I have never received my check.
What can be done about this??
It’s 3/2/13 and I never received a check.
I never received my check, and attempts to contact the administrator have been frustrating. Are others having similar problems?
Kate, did you ever receive anything? I was expecting a settlement check in the amount of $136.87 and have NEVER received anything from the CCF Settlement. We have not moved so there has been no change of address. The CCF Settlement website has been shut down and their phone number given to me when I filed in 2007, is a dead-end. Was this too a SCAM?