ATM Foreign Currency Conversion Fee
by Andy Zavoina, BOL Guru Guru Bios
Question: Our customers are being charged a fee to convert foreign currency to US dollars when they use an international ATM. This fee is charged by the network and passed on to our customers. Do we need to disclose this fee in our Reg E disclosure?
Answer: Yes, you should. I believe this fee was initiated about two years ago in early 2005. Visa and MasterCard provided blanket language if the fee was passed to the consumer. This would be applicable to both debit and credit cards.
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