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December 28th, 2011

Credit Card Currency Conversion Fee Settlement Windfall! (Or: I Should Have Picked Option A)

Posted in Law, Personal, Travel by MB

Back in December of 2007, I posted about a proposed settlement for the Credit Card Foreign Transaction Fee class action suit.  Members of the class had three options for recovery:

  1. take a straight $25 settlement if you traveled outside the US at least once in this period (and simply swear to that fact);
  2. get a somewhat larger settlement based on a declaration of how many total days you spent outside the US during that period (the settlement will be based on an estimated average figured out by the credit card companies and class action representatives); or
  3. provide a substantiated record of how much money you actually spent outside of the US during that period, and receive a refund of the fees actually charged.

Despite having have spent a substantial amount via credit cards in foreign currency over the years, I ended up just going for option 2.  It just involved flipping through my passport and copying over the dates onto the claim form.  As I noted in the comments to the original post, it had to be worth something, right?  Well, almost 4 years later, I got my check.

$18.04.

I should have gone with Option A, eh?

(Also, if you submitted a claim?  Watch your mail closely.  It doesn’t look like a check at all.  I nearly threw this one out.)

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6 comments

  1. Andy says:

    I usually decline being part of these suits. But I think I would have done this one just to spite the credit card companies…. even if I got piddly in return.

    December 28th, 2011 at 10:54 am

  2. Vivian J. Paige says:

    I’ll have to keep my eyes open for the check. (Assuming I did go online and fill out the form, of course, because I have no recollection as to whether I did or not :()

    December 28th, 2011 at 11:22 am

  3. James Young says:

    My boss got one of these, for a similar amount. Reminded me of the time I was discussing with a Federal judge a class action award which had been reduced by the Ninth Circuit on appeal, and he referred to settlement that he had received which was a coupon for a free lube job.

    I don’t think he appreciated the humor in my reference to the Ninth Circuit’s decision as an “award” without the lube job.

    December 28th, 2011 at 9:33 pm

  4. Vivian J. Paige says:

    As it turns out, my other half got this check yesterday – $18.04. Not sure where mine is.

    December 28th, 2011 at 10:34 pm

  5. will says:

    you should know that the lawyers always take the main slice of a class action.
    :)

    December 29th, 2011 at 5:40 pm

  6. will says:

    I assume your bank charges a $20 check cashing fee

    December 29th, 2011 at 5:40 pm