For TD VISA holders - Court certifies $150M class action

[bcbgboy13]

http://news.sympatico.msn.ctv.ca/Court+certifies+150M+class+action+against+TD+Bank/National/ContentPosting.aspx?isfa=1&newsitemid=CTVNews%2f20071116%2fbank_suit_071116&feedname=CTV-NATIONAL_V2&show=False&number=0&showbyline=True&subtitle=&detect=&abc=abc&date=True

FYI

[pitz]

Yeah I'm a victim of this too on reversed transactions or refunded items.

I think at the very least, the bank should give up its commission on the forex when such a transaction and/or refund occurs.

I have no problem accepting the forex risk on a foreign payment, but to have the bank take 5% (2.5% commission each direction) is outrageous.

[elty]

I thought every bank do that?

[brunes]

I thought every bank do that?

They do pretty much....

Expect a landslide of simmilar lawsuits now that this was approved.

In the end, the lawyers on both sides will make a killing, banks will lose millions, our fees will go up to pay for it, and we will all get some token $10 or something in compensation while the law partners all get new bentleys.

[Thalo]

Expect a 3% commission in the future on forex purchases, lol.

[naxos98]

What I can't believe is that this was an overturn of a lower court which bought the bank's argument that it was too difficult to figure out how much money it took from customers. Who do we have running these lower courts?

What is the logic behind that? The bank makes a mistake, takes your money because of the mistake and then claims it shouldn't have to give it back because its going to be time consuming for find out know how much money it owes its customers?

[CSK'sMom]

I cancelled my TD Visa because of this very issue a couple of years ago. An unauthorized charge in US dollars that on reversal ended up still costing me money. I took the issue all the way up the chain and got absolutely no where and told them to shove their card.

[brunes]

What I can't believe is that this was an overturn of a lower court which bought the bank's argument that it was too difficult to figure out how much money it took from customers. Who do we have running these lower courts?

What is the logic behind that? The bank makes a mistake, takes your money because of the mistake and then claims it shouldn't have to give it back because its going to be time consuming for find out know how much money it owes its customers?

The question is weather or not the bank made a mistake in the first place.

If you look at your CC agreement it is right there in black and white there will be a surcharge on EVERY forex exchange. That includes refunds and credits.

The issue at hand is whether or not the reversal of a charge is a new transaction or if it should just void the previous one entirely. The bank says it is a new transaction. The guy says it is not, it is a void. It isn't spelled out in black and white (or at least was not when this was filed), so it goes to court.

I find this case interesting. I am going to take a read through my CC agreements to see if any of them spell this out. It may be a strange co-incidence but in the past two months I have gotten updated agreements from both RBC and Citibank (not MBNA yet though I don't think).

I wonder if it is related to this lawsuit and them clarifying their terms to cover their butts.

[V A N Q U I S H]

Wow I thought BMO was bad.

BMO incorrectly charged overdraft charges and interest since 2001 and returned the overcharged amounts back into client accounts after realizing the error. I didn't hear of any article on that and it didn't get to this point because they didn't contest or give a lame excuse like TD did. BMO still needs to improve in a few other areas though.

[pitz]

I think the credit card companies should just give you the option, on your bill, to settle in foreign currency if you want.

For example, I have a VISA card, and I travel to the US, and spend some money, in addition to my CAD$ charges, the statement should read:

CAD$ owing: $251.32
USD$ owing: $652.87

I can either send them 2 payments, one for US dollars, and one for Canadian dollars, *or* I can send them money to cover payments in both currencies, and they will convert as necessary.

Such cards, as far as I know, don't exist, but I'd sure like them to. This way, I could find the most economical source of funds.

[Kommander_KornFlakes]

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I got nailed with these forex fees earlier this year by VISA :mad: