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Foreign Transaction Fee Settlement Poll by Luke Over the last couple weeks more and more people have been receiving claims notifications for the CCF class action settlement. Details about the case have been available to the public for over a year now, but the claim forms for the lawsuit changed in September. Changes to the form include a new Easy Refund for people who traveled outside of the U.S. for less than a week or spent less than $2,500 on foreign currency transactions with eligible credit cards. Though the new forms were meant to make filing a claim easier, many people are uncomfortable sharing credit card details and personal information with the “settlement administrator.” Others are off-put by the whopping 27.5% fee of an estimated $313,000,000 that the law firm will be requesting from the settlement funds. The law firm also asks to be reimbursed for their expenses — which will not exceed $5,000,000. As such, some people are opting out of the settlement. What will you do?  Loading …
9 Comments to "Foreign Transaction Fee Settlement Poll"
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December 4, 2007 
Comments (9)
I spent more than 6 months oversea last year but I’ll be danm if any lawyer is profiting on my name. I agreed that the credit card companies are wrong but I hate lawyers more than I dislike credit card companies.
It also strikes me as odd that the letter reads “on behalf of the the US District Court.” Which one? IIRC, there are almost 100 of them.
The claim pay outs are to compensate credit card users who (1) travel and/or (2) conduct financial transactions with entities outside the US and (3) have been charged undisclosed foreign currency transaction fees.
There is a problem with settlement form # 2 in that it does not have any place for the claimant to list estimated foreign transactions — the only info requested is about foreign travel. Accordingly, if a claimant has foreign transactions over $2,500 NOT associated with travel, and wants to use option 2 rather than disclose all of the personal information required by option 3 THERE IS NO PLACE ON THE FORM TO MAKE THE CLAIM. I’ve called the 800 number for the settlement administrator and I’ve called the attorney representing the plaintiff class but neither of them provide any answer to this problem. Very frustrating!
I’ve traveled to the Philippines a few times, and spent around 15,000 dollars on my trips, most of it on credit cards. How much of a refund might i expect from this amount.
I agree with Ellen, that form #2 is not very helpful to some of us. I am a U.S. citizen LIVING in Canada. I don’t travel here for business or vacation or to visit relatives. If I check that the purpose of my “travel” was “other”, what assumption will they make about my credit card charging habits? I sent the cffsettlement.com webiste a request for more info about this and they say I will hear from them within 10 business days. Will I risk using Option 3? I haven’t decided yet. Since I need the money badly, issues of whether or not the lawyers have a right to their cut are irrelevant to me. I don’t think the credit card companies should charge me more just because I happen to live in another country, so I don’t feel bad about them. My only concern is about sending my credit card information, and about the effort involved in collecting the data for Option 3, and the possiblity that even if this is not a scam the refund will be smaller than the 1%-3% the letter says we can “generally” expect.
I JUST SUBMITTED MY CLAIM #4334386, HOWEVER, I MADE A MISTAKE WITH THE NUMBERS (INSTEAD OF A 0 Y PUT A 6), HOW CAN I GO ABOUT RETRIEVING IT TO MAKE THE CHANGE.
My question is this – we are currently stationed overseas with the military. We receive quite alot of these transaction fees since most of our ourchases are through european companies. Our credit card is still charging us the 1% fee on all of our foreign transactions. Is this leagal? And if so, how can we recoup this money? We are just now finding out about this lawsuit, and we went to our local branch on the military base. They knew nothing about this lawsuit. What can we do?
This is an unethical and immoral fee placed by credit card companies, even when no currency conversion is taking place (they charge it if you have a US card, for instance, if you use it in Europe and the merchant charged it in US dollars).
No justification whatsoever. It is just a “tax” for those who travel, to discourage overseas spending (?), or to help repay the national debt (?)
When might I expect a resolution?