Friday, June 12, 2009

Banks Lose Quebec Lawsuits Over Credit-Card Currency-Conversion Fees

From The CBC:

Several financial institutions have been ordered to pay more than $200 million to Quebec credit-card holders who were charged fees for purchases made in foreign currencies.

Quebec Superior Court Judge Clément Gascon ruled Thursday that nine banks and the financial co-operative Desjardins were in “flagrant violation” of a provincial law because of the way they charged the foreign-exchange fees.

Read more ....

My Comment: The same ruling should also be on interac fees .... but unfortunately this is not the case.

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