Re: Do watch cahrging online using B of A credit cards

[David Farber <dave () farber net>]

Begin forwarded message:

From: Gavin Treadgold <gav () rediguana co nz>
Date: May 5, 2009 7:30:09 PM EDT
To: dave () farber net
Subject: Re: [IP] Re:  Do watch cahrging online using B of A credit  
cards

Dave - possibly for IP.

> Citibank has already been doing this - or at least, has done it to me
> once. I got his with a foreign currency charge for no obvious reason,
> and when I called, it was pointed out that one of my $ charges was
> to a company located in Canada.

We had a similar problem in New Zealand whereby banks were charging a  
% on international credit card transactions but weren't presenting  
this fee - it was hidden in the item charge on the statement. The NZ  
Commerce Commission took the banks to court over these fees, and a  
large number of them were reversed, and now the fees are very clearly  
outlined on every international transaction.

<http://www.comcom.govt.nz/FairTrading/anznationalbankpleadsguiltyovercre.aspx 
>
<http://www.comcom.govt.nz/FairTrading/bnzpleadsguiltyovercardfees5millio.aspx 
>
<http://www.comcom.govt.nz/FairTrading/westpactopay51millionovercreditcar.aspx 
>

We still attract the fees on international transactions, but they are  
very clearly identified as 'foreign currency service fees' or similar  
for each and international transaction. I'm not sure how they would  
handle a NZD transaction in say Australia, and whether that would  
incur the fee.

Cheers Gavin




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