The Amex F/X scam continues-- time to contact Spitzer?
#76
Join Date: Dec 2004
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Originally Posted by Doppy
Seems like the Brits pay a higher fee. My statement points out that a 2% fee is added to my foriegn currency transactions.
#77
Join Date: Jul 2003
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recent experience with a US based Amex card
I have the SPG Amex card, and used it on a recent trip abroad. I was charged 2-3% commission on my overseas charges, which I calculated this way:
FX Amount
_______________________________________________ = native amount
(interbank rate for that date Amex recorded the charge)
(Amount charged by amex) - (native amount)
______________________________________ = commission percentage
(native amount)
This was for THB (2%), HKD (2%), LKR (3%).
FX Amount
_______________________________________________ = native amount
(interbank rate for that date Amex recorded the charge)
(Amount charged by amex) - (native amount)
______________________________________ = commission percentage
(native amount)
This was for THB (2%), HKD (2%), LKR (3%).
#78
Join Date: Jan 2003
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There is now a class action suit for you join!!!
Well, American Express continued to over charge me for some purchases made in South African Rand this week. I called them about it and spoke with another supervisor, who said she would do something about it - but I doubt it.
Anyhow, I found a law firm in California that is currently engaged in a class action suit against American Express for this practice. Details can be found at:
http://www.lieffcabraser.com/american-express-fees.htm
Some of the posters on this discussion thread may want to consider joining that suit.
Anyhow, I found a law firm in California that is currently engaged in a class action suit against American Express for this practice. Details can be found at:
http://www.lieffcabraser.com/american-express-fees.htm
Some of the posters on this discussion thread may want to consider joining that suit.
#79
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Originally Posted by rives21
Anyhow, I found a law firm in California that is currently engaged in a class action suit against American Express for this practice. Details can be found at:
http://www.lieffcabraser.com/american-express-fees.htm
Some of the posters on this discussion thread may want to consider joining that suit.
http://www.lieffcabraser.com/american-express-fees.htm
Some of the posters on this discussion thread may want to consider joining that suit.
If you opened your account before February 1, 1999 you may recieve a payment of up to $15 plus all conversion "fees" you were charged between February 1, 1999 and October 15, 2004.
Also, it asks for my account number on the class action member form. I assume that my account number is the same even though my card number has changed a couple of times and that they'll be able to figure it out. Opinions?
#80
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Heh, I just came here to post that, too.
(IANAL.) But yes, you must exclude yourself by February 14, 2005 if you want to participate in a different class action lawsuit. It appears in Exhibit E, para 15 (pg. 57) that the other suits have been stayed.
By the way, here are the terms, from the same document:
- 100% of the FX amount between February 1, 1999 and October 15, 2004. (Calculated from AMEX records.)
- $15 if account was closed before February 1, 1999.
- Additional $15 if account was opened prior to, and remained open after, 2/1/99 and conversion made because AMEX doesn't have the records.
- Amount is prorated down to a total $75 million if exceeded.
The settlement seems reasonable enough for me. I'm going to dig up all of my past AMEX account numbers and submit them. I don't think that could hurt.
(IANAL.) But yes, you must exclude yourself by February 14, 2005 if you want to participate in a different class action lawsuit. It appears in Exhibit E, para 15 (pg. 57) that the other suits have been stayed.
By the way, here are the terms, from the same document:
- 100% of the FX amount between February 1, 1999 and October 15, 2004. (Calculated from AMEX records.)
- $15 if account was closed before February 1, 1999.
- Additional $15 if account was opened prior to, and remained open after, 2/1/99 and conversion made because AMEX doesn't have the records.
- Amount is prorated down to a total $75 million if exceeded.
The settlement seems reasonable enough for me. I'm going to dig up all of my past AMEX account numbers and submit them. I don't think that could hurt.
#81
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Originally Posted by flightrisk
The settlement seems reasonable enough for me. I'm going to dig up all of my past AMEX account numbers and submit them. I don't think that could hurt.
#82
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Originally Posted by flightrisk
(IANAL.) But yes, you must exclude yourself by February 14, 2005 if you want to participate in a different class action lawsuit. It appears in Exhibit E, para 15 (pg. 57) that the other suits have been stayed.
Paragraph 15 certainly refers to a LOT of cases against Amex regarding this.
#83
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Originally Posted by Ex Amex Card
It is worth noting that this 2.73% commission is fairly new. Up until about 2 years ago there was no commission charged on foreign transactions.
#84
Join Date: Jan 2005
Posts: 44
I think ive gotton hosed...
Hey everyone! First time poster....now getting to the point....
I recently orderd some shirts from the UK....the bill came to 106 pounds. At the time the conversion rate was at 1.88. With change, the bill comes to $201.16, American Express charged me $204.94. It is only $3, but I intend to keep doing business with this shirt company in the UK. In the first place however, I got free shipping and they knocked 50% off because of me being a loyal customer, and it was combined with an American Express special. Do I cause a stink? Or let the $3 slide?
I recently orderd some shirts from the UK....the bill came to 106 pounds. At the time the conversion rate was at 1.88. With change, the bill comes to $201.16, American Express charged me $204.94. It is only $3, but I intend to keep doing business with this shirt company in the UK. In the first place however, I got free shipping and they knocked 50% off because of me being a loyal customer, and it was combined with an American Express special. Do I cause a stink? Or let the $3 slide?
#85
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Originally Posted by itzperch
Do I cause a stink? Or let the $3 slide?
Until now I've chosen the latter approach but I assume I'll be getting something back from the lawsuit mentioned above. I'll probably get a whole $15 or so!
#86
Join Date: Nov 2002
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Originally Posted by xyzzy
Just today I received notice about either the same or a similar class action case
it asks for my account number on the class action member form. Opinions?
it asks for my account number on the class action member form. Opinions?
Does this ring alarm bells with anyone else?
It may be bonafide, but I would be very, very careful about giving out this sort of imformation without getting independent confirmation first. If anyone has already sent their details to these people then I suggest that they contact Amex and ask Amex to confirm that this is a valid case ASAP.
#87
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I had a transaction for $100 IN USD in Bolivia, that was billed at $102 and change. The transaction slip is clearly a US Dollar slip, and the amount is inscribed in dollars. Do they think that people will not notice the overcharge on a USD transaction while abroad?
#88
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Originally Posted by fastflyer
I had a transaction for $100 IN USD in Bolivia, that was billed at $102 and change. The transaction slip is clearly a US Dollar slip, and the amount is inscribed in dollars. Do they think that people will not notice the overcharge on a USD transaction while abroad?
#89
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Originally Posted by Steve M
That doesn't sound like an overcharge to me, at least by the terms of the cardmember agreement. They claim to charge a 2% fee on all transactions from outside of the United States. Note that it doesn't say "in other than US Dollars" but specifies a geographical area to which the surcharge applies. Not that I'm agreeing with it - I just think that this instance is a bit different than what people's main complaints about the currency rates with Amex are.
#90
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Originally Posted by rives21
Yes, but from that point of view, it seems that they (AMEX) want to have their cake and eat it too. For example, I phoned in an order to a company overseas and used my credit card to make a purchase in a foreign currency. I was physically in the USA when I placed the phone call and made the transaction, but of course I was still charged the 2% fee, in addition to being mis-charged for the transaction of course.