Comments on: Open letter to Barney Frank regarding “foreign transaction fees”

By: W.M.

W.M. — Wed, 20 May 2009 13:18:42 +0000

Geof,

It’s really not that complicated. If you are unhappy with a service that you are paying for, stop using it. Find a different bank. That’s how competition works. I can take money out of my checking account via my Debit Card at an ATM in Europe and pay no fees and get the interbank exchange rate. On my credit card, I pay a 1% foreign transaction fee, but still get the good exchange rate, which still makes it cheaper than the exchange desks at the airport.

You act as if you have no choice in the matter. You do. It disturbs me that people want the government to solve all their problems for them. I can almost guarantee you that this legislation will cause more problems than it solves.

You say the fees aren’t fare. I say life isn’t fair, and no amount of government intervention is ever going to change that.

Start taking responsibility for your life instead of whining to the government about everything. I think that is a pretty understandable point of view, even if you disagree with it.

By: CRL

CRL — Wed, 20 May 2009 04:35:40 +0000

At last, the CRL takes a stance with what resembles a common sense approach; a call to action regarding something to do with the problem. (Now we have to deal with the horsemen, the rain of fire, and the end of days.) The CRL, or Center for Responsible Lending, has taken aim at credit cards by sponsoring HR 627, or the Credit Card Accountability Responsibility and Disclosure Act of 2009. The Credit CARD Act, as it’s called, could ensure more fairness in how card companies deal with customers, and limit things like hidden fees and retroactive interest rate increases. President Obama is on board. The CRL not going after <
installment loans and targeting an actual predatory lender – it’s about time.

By: Charles Krause

Charles Krause — Tue, 19 May 2009 21:47:35 +0000

When buying from overseas I use Paypal when I can, which has no charges and I still get airline miles on my regular card, and when overseas I use several cards with no or 1% charges. To keep these cards active I also use them at home occasionally which simply takes revenue from my regular card provider, and I don’t mind missing a few miles.
If people would use cards with low fees there wouldn’t be a problem.

By: Marilyn Long

Marilyn Long — Tue, 19 May 2009 20:49:33 +0000

I have used Capital One for some time now. They will charge a cash advance fee for withdrawing money from an ATM, but they don’t charge a foreign exchange fee so I don’t believe they will simply add on that transaction fee now. I use my bank’s debit card for withdrawing money. They charge $1.50 for each transaction from an ATM other than their own regardless of what country it is in, but they also do not charge a foreign exchange fee. Then I charge purchases with my Capital One Visa. By following these procedures, I seem to be able to avoid extra fees just for doing business in other countries.

By: Geoff

Geoff — Tue, 19 May 2009 20:41:30 +0000

W.M., you’re an idiot. I guess you like being nickled and dimed to death by the banks? You can’t even make an ATM cash withdrawal from a foreign branch of most American banks without incurring the 3% transaction fee now. How is this fair? I will never understand your dumb comment.

By: Paulette Baker

Paulette Baker — Tue, 19 May 2009 17:34:09 +0000

I, too, received the notice from BOA about “foreign transaction fees” even if the charge was in U.S. dollars. We all know that ANY such fee imposed by a bank is a scam, since Visa/MasterCard already do the conversion (hence the terminology change by issuing banks from “currency conversion charge” to “foreign transaction fee”). Any and all additional charges imposed by issuing banks are “free money,” since processing such charges costs them absolutely nothing.

I pay my balances off every month, which makes me a “deadbeat” in credit-card parlance, and I’ve read that banks are planning to change the rules for us responsible CC users so that we’ll be supporting the irresponsible, who will be protected by the new laws.

I’m sure that at least a few CC issuers (credit unions, perhaps?) will decide against punishing people like me — and that’s where I’ll be moving my business.

By: kevin

kevin — Tue, 19 May 2009 17:30:01 +0000

I hope this change is inserted, but it won’t be because of my input. I’ve already wasted too much time trying to send an email to Barney Frank. The steps required to send one via the first link are designed for the small group of people from his home state, and the second option requires a Facebook account. Is that all he represents, Massachussets residents and Facebook subscribers? I’m assuming the legislation targets more than just those two groups, so why are the others denied access?

By: W.M.

W.M. — Tue, 19 May 2009 17:29:02 +0000

You said they sent you a letter explaining the fee, but then go on to say it is hidden. What more do you need? Also, my MasterCard statement already clearly states any “Foreign Transaction Fees” incurred.

Credit cards offer a great service. Instant credit on demand, almost anywhere in the world. How awesome is that? If we don’t like the terms, conditions, or fees, we can always choose to use cash instead.

No, I don’t work for a credit card company. I’m an American currently living (short term) in Europe. I’ve been able to do this without having to open a European bank account because of the terrific services my bank provides (including M/C).

I’d rather the federal government reduce the amount it interfered with my finances instead of the opposite. The unintended consequences for this bill will be huge. Keep in mind, Frank’s track record in his post on the Financial Services Committee is pretty dismal. This legislation is not about helping consumers, it is about buying votes.

By: tripso.com | Open letter to Barney Frank regarding “foreign … | Money Blog : 10 Dollars : Money Articles.

Tue, 19 May 2009 14:33:08 +0000

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By: Loren Steffy

Loren Steffy — Tue, 19 May 2009 12:54:55 +0000

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