The Foreign Currency Conversion Settlement Check Is Finally In the Mail

Foreign Currency Fee Litigation Settlement FundSometimes it pays to wait; sometimes it doesn't.

Just ask the roughly 10 million cardholders who were part of the Foreign Currency Conversion Fee Antitrust class action lawsuit settlement.

The case, filed in 2001, alleged that Visa (V), MasterCard (MA), Diners Club, and a handful of credit card-issuing banks concealed credit and debit card fees on foreign currency transactions or sales by foreign merchants, which the plaintiffs said added up to 3% per transaction. The lawsuit further alleged that Visa and MasterCard boosted their base exchange rate before applying the fees.

A decade later, after years of appeals and an initial settlement reached in 2006, the court in October ordered the settlement administrator to disburse the $336 million in settlement funds. Initially, it was believed affected consumers would be receiving approximately $25 or more.

But not so fast. The class action website notes: "Participation in this settlement has been extraordinary, with more than 10,000,000 claims submitted."

And the Payout Is...

Over the past several days, consumers have been receiving their Foreign Currency Conversion Fee Antitrust settlement checks. And the amount has been $18.04, according to lowcards.com and also a website run by CPA Cassady Schiller.

For card-toting consumers who traveled extensively overseas when using their cards, the payout may be higher.

While $18.04 is not enough to go to Tahiti this winter, it may be enough for you and a few friends to meet for an American coffee and reminisce about the espressos you had in Rome.

Schiller's website notes that consumers who filed a claim but haven't received a check by Jan. 31 should contact the Foreign Currency Conversion Fee Antitrust website.


Payout check settlement

Motley Fool contributor Dawn Kawamoto does not own any shares in the companies listed. The Motley Fool owns shares of MasterCard. Motley Fool newsletter services have recommended buying shares of Visa.


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9 Comments

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billatlan

Let's see, 10 million times $18.04 is roughly $180 million in payouts...$336M in funds...which means the atty's could have profited by as much as $150M. But I got my $18.04...so I don't have to worry about being part of the hated "1%."

December 26 2011 at 4:56 PM Report abuse rate up rate down Reply
dsteph100

I got the check -but like many others- I think this is a scam and I will not cash the check!!

December 26 2011 at 1:43 PM Report abuse rate up rate down Reply
ishopsouthwest

If I read the settlement documents correctly the lawyers get about $100 million of the money.

Typical, these lawsuits are all about the lawyers and the people who started the case. The majority of the other folks get a couple of dollars each.

December 26 2011 at 12:20 AM Report abuse +1 rate up rate down Reply
Mike

banksters strike again, what a surprise

December 25 2011 at 5:04 PM Report abuse +1 rate up rate down Reply
Mike

Fed res dollar printing has increased to keep up with US treasury's need for them as debt buyer of last resort. Euro is doing same for their debt but doesn't hold the luxury as world's res currency. Fed exports it's inflation to the world euro can't & WILL hypor inflate to ZERO. Europ will run to the dollar as others trade for gld/slvr. Even with small demand increase gld/slvr price rise outside the fed's ability to keep suprpressed & dollar will start its final fall, world WILL panic & gld/slvr will BE only reserve currency. World fiat monotary system is collapsing & we face deep depression. Got Gold? China & India does, why's that you figure?

December 25 2011 at 5:03 PM Report abuse +1 rate up rate down Reply
Steve

At least this class action paid out real $ to consumers. Most class actions yield worthless coupons.

December 24 2011 at 11:38 PM Report abuse rate up rate down Reply
Smash

Got my check & cashed it. But I'm hoping for a much larger check from the recently settled DeBeers Diamonds Class Action.

December 24 2011 at 8:47 PM Report abuse rate up rate down Reply
Bill

I got a check about a week ago and thought it was some sort of scam so I cut it up and trashed it. Too much time had passed and frankly I had forgotten about the whole thing.

December 24 2011 at 2:19 PM Report abuse rate up rate down Reply
jhoke12135

I bet there is a bunch of lawyers who can go to Tahiti.

December 23 2011 at 3:15 PM Report abuse +2 rate up rate down Reply
k4jlp

I have already received my X-mas gift from Bank of America, a return of "fees" they charged me on a checking account from 2007 or so, seems they were delaying deposits and fast tracking debits to generate "overdraft fees"....bad bad naughty BoA...got caught with hands in cookie jar....

December 23 2011 at 12:19 PM Report abuse -1 rate up rate down Reply