Stop! That's money, not junk mail
Checks are finally being mailed to millions of credit card holders as a result of class-action settlement. Don't toss it.
This post comes from Gerri Detweiler at partner site Credit.com.
More than 10 million checks are going out to credit card holders as the result of the Currency Conversion Fee Antitrust Litigation settlement that I last wrote about -- get this -- four years ago. These refund checks are being sent to credit card holders as a result of a class-action lawsuit over the setting and disclosure of foreign currency conversion fees.
I just got a check for $18.04 from the settlement and, quite honestly, I could have easily mistaken it for junk mail. Like millions of others, I had filed a claim back in 2008 and had pretty much forgotten about it at this point.
Here's what the mailer looks like:
I wouldn't be surprised if a lot of these checks get tossed either inadvertently or because the recipient thinks it's some kind of scam.
Some people who filed claim forms and documentation showing how much they paid in foreign transaction fees will get larger checks. If you have moved since you submitted a claim, you'll need to write to:
Currency Conversion Fee Antitrust Litigation
P.O. Box 290
Philadelphia, PA 19105-0290
I expected to get $25 under the "easy refund option" I had filed under. But the amount I received was smaller, because the amount of claims filed exceeded the settlement funds available. But, hey, it was a little bit of extra cash before the holidays.
With anything like this, you can expect scammers to seize the opportunity and try to use it to take advantage of unsuspecting consumers. I haven't heard of any scams coming out of this settlement yet, but if you receive an email or phone call from someone offering to help you process a refund, ignore it. You will not receive phone calls or emails from the settlement administrators. Either you'll get a check or you won't.
For more information, visit ccfsettlement.com.
More on Credit.com and MSN Money:
Both my wife and I got our checks, wow a measly $29. I then looked to see just how much the attorneys made off of this suit. They made over $30,000,000.00 must be nice to be an attorney for that suit; that $30M covered their work (no problem), travel expenses (problem), lunches (big problem) would love to see the IRS go and audit some of these law firms that do an audit.
I just got a settlement check for another class action settlement.
The amount of the check....5 cents
the amount of administrative fees charged to process that 5 cent check....67 cents
Was given a whole 30 days to cash the check, or it was void.
I put it next to the 5 dollar check I got years ago for 2 days of jury duty
I receive junk mail. Open it and then rip it into smaller pieces, pack it back into their self-stamped envelope. Becuase it is oversize, when it arrives back at the original destination, they must pay extra postage to receive it.
This keeps the USPS in business and helps make them money. Problem is they are gubmint controlled and overspend their budgets just like the rest of the feds !!!
I got my 18 bucks a few weeks ago and was terribly disappointed (not) to see it was less than the 25 bucks they said it was supposed to be. I wonder if the lawyers took a chunk out of their 90 million dollar share since there were so many claims (again, not)
I've got no problem with lawyers making big bucks generally speaking but these class action lawsuits are little more than a scam. 90 million bucks? Give me a break. That money ALL ultimately comes out of OUR pockets through raised interest rates and fees.
stocks are phony, unless it is a NEW visionary company with an earth shaking NEW IDEA !Stocks are what companies use to raise revenue so that they CAN come up with Earth shaking new ideas. I realize this is hard for some people to grasp but not everyone with more money than you is a greedy evil SOB.
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