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Currency Conversion Fees Class-Action Settlement

Old 04-07-07, 03:13 AM
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Currency Conversion Fees Class-Action Settlement

Anybody here know about this?

http://www.ccfsettlement.com/

I haven't had time to read through it. Found it from a note on my online-statement at BoA.
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Old 04-15-07, 02:21 PM
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Wow, completely missed that! Thanks!
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Old 04-16-07, 04:16 AM
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I can't say that I really care too much about fees here. I've never noticed any real disparity.
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Old 04-16-07, 07:24 AM
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Any idea how much we're talking about here? Is it only a few cents per transaction? It hardly seems worth pursuing.
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Old 04-16-07, 01:05 PM
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"Any application by Settlement Classes Counsel for attorneys’ fees and
expenses, or for awards to the Representative Plaintiffs, shall be filed with the Court and served on or before August 28, 2007."

The lawyers will get $millions.
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Old 04-17-07, 01:42 AM
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There appear to be two items - the fees themselves, and misleadingly jacked-up exchange-rates. FWIW, when I made my first foreign transaction with a credit card over a decade ago, there were no fees and the exchange rates were usually the wholesale rates (as they should be since it is all internal funny money to the large banks - just numbers moving from one column to another a big 'spreadsheet').

Now the fees start at about 3% and the exchange rates are never the wholesale rate.

The lawyers always get millions in a class action lawsuit, consider it punitive damages to punish the company for being abusive. I dislike lawyers more than the average person, but when punishment is called for, better that there is *some* punishment even if others are unjustly enriched as a side-effect than no punishment.
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Old 04-17-07, 02:01 PM
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I haven't read the entire thing yet, is there a mention of what we'll get in the settlement?
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Old 04-17-07, 02:18 PM
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Originally Posted by mrwilson
I haven't read the entire thing yet, is there a mention of what we'll get in the settlement?
I think the question is "what we might get in the settlement that is worth trusting this outfit with our credit-card numbers".
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Old 04-17-07, 03:18 PM
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I purchase alot from the UK with my Chase 'Amazon' card and I know for a fact they charge a fee - that really annoys me.
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