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#272373 - 11/08/04 05:30 PM
New Visa Requirements
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Anonymous
Unregistered
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has anyone received the new VISA disclosure requirements regarding exchange rate information relating to currency conversion? Which disclosure are you updating?
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#272374 - 11/09/04 02:22 PM
Re: New Visa Requirements
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Gold Star
Joined: Dec 2000
Posts: 491
Blue Ball, PA 17506
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Yes,I have.
Here it is: Visa USA Member Rules NEWS BULLETIN Issuers Are Alerted to Changes to the Exchange Rate Disclosure Requirement - Effective April 2005
Required Action:
An Issuer must provide to its cardholders in writing by April 2, 2005, a revised disclosure of exchange rate information relating to currency conversion, as specified in the Visa U.S.A. Inc. Operating Regulations.
Changes to Issuer Exchange Rate Disclosure Requirement:
The Visa USA Board of Directors, at its October 29, 2004 meeting, approved Operating Regulation revisions to the current exchange rate disclosure requirement. This change aligns with recent revisions to the Visa International Operating Regulations, and requires an Issuer to disclose to each of its cardholders, in writing by April 2, 2005, that the exchange rate between the transaction currency and the billing currency used for processing international transactions is:
"A rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or
The government-mandated rate in effect for the applicable central processing date,
in each instance, plus or minus any adjustment determined by the Issuer."
This revision supports implementation of the International Service Assessment fee for international transactions that takes effect in April 2005, and reflects elimination of the one percent currency conversion fee previously assessed to Members for cross-currency transactions.
For more information: Contact your Visa Sales Director or nearest Visa office.
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#272375 - 11/09/04 03:39 PM
Re: New Visa Requirements
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Anonymous
Unregistered
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We are including it in a statement message to all account holders and updating our deposit brochures.
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#272376 - 12/30/04 03:59 PM
Re: New Visa Requirements
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100 Club
Joined: Jun 2003
Posts: 176
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We supply Visa debit cards...does this apply to those customers? I believe we are currently an a Associate member of visa.
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#272377 - 12/30/04 05:44 PM
Re: New Visa Requirements
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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It applies to all Visa cards.
_________________________
John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#272378 - 01/04/05 11:11 PM
Re: New Visa Requirements
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100 Club
Joined: Jun 2003
Posts: 176
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Can someone tell me when this bulletin was issued by visa so that I can get our people to pull the actual report. Thanks.
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#272379 - 01/05/05 05:47 PM
Re: New Visa Requirements
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Diamond Poster
Joined: Feb 2002
Posts: 1,466
USA
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12-7-2004 Visa Business Review "Issuers Alerted to Changes to the Exchange Rate Disclosure Requirement".
You have to be enrolled in Visa Online to get to it.
_________________________
"No problem can withstand the assault of sustained thinking." ~ Voltaire "Sustained thinking gives me a headache." ~Me
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#272381 - 02/25/05 04:35 PM
Re: New Visa Requirements
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100 Club
Joined: Apr 2004
Posts: 131
Texas
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Sorry, but I still don't get it. Is the bank the issuer? Should we include this in an EFT disclosure?
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#272382 - 02/25/05 04:43 PM
Re: New Visa Requirements
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Gold Star
Joined: May 2004
Posts: 458
Smack dab in the middle of IL
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I am with you, Mindy. I am confused, too. From what I have been told, this should be included in the EFT disclosure, not because it is a requirement of Reg E, but because it is the 'logical' place for it (with all the other information about your visa debit card). You would think that this came from the gov't...to me this just confusing and does not make much sense!
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Life is the willingness to be yourself and live in harmony with others. - Dr. Cherie Carter-Scott
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#272383 - 02/25/05 08:46 PM
Re: New Visa Requirements
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Anonymous
Unregistered
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We just had our EFT disclosure re-done, and the company we use put this new disclosure in the document.
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#272384 - 02/25/05 09:40 PM
Re: New Visa Requirements
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100 Club
Joined: Apr 2004
Posts: 131
Texas
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Thank you all for your help.
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#272386 - 02/28/05 01:36 PM
Re: New Visa Requirements
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100 Club
Joined: Jan 2005
Posts: 154
South Carolina
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If we plan to eat the 1% fee, does this mean that we will not be required to go through with the disclosures?
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#272387 - 02/28/05 07:39 PM
Re: New Visa Requirements
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Anonymous
Unregistered
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You still have to do the disclosure because of the change in conversion methodology; you just don't need to include anything about the 1% fee.
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#272388 - 02/28/05 07:41 PM
Re: New Visa Requirements
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Power Poster
Joined: Nov 2004
Posts: 3,237
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oops, that was me, didn't know I wasn't logged in.
_________________________
Nobody's perfect, not even a perfect stranger.
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#272389 - 02/28/05 10:09 PM
Re: New Visa Requirements
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100 Club
Joined: Jan 2005
Posts: 154
South Carolina
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Does anyone have a "customer friendly" copy of this notice that they would be willing to share. I sent the language provided by Visa but my marketing department wants to "tone it down". Thanks.
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#272390 - 03/01/05 12:51 AM
Re: New Visa Requirements
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Diamond Poster
Joined: Nov 2004
Posts: 1,005
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I received my Visa bill in the mail today and this was included. It doesn't say copyright anywhere on it.
Currently when a purchase is made in a foreign country, the transaction amount is converted to U.S. dollars, and adjusted by a 1% currency conversion fee. When the transaction is posted to your account, the total amount (purchase amount plus conversion fee) appears as a single transaction on your billing statement. Effective April 2, 2005 the currency conversion fee will be discontinued. Instead, a 1% International Transaction Fee will be assessed on all transactions where the merchant country differs from the country of the card issuer. The converted transaction amount will be shown separately from the International Transaction Fee on your billing statement. This fee will be assessed on all international purchases, credit vouchers, and cash disbursements.
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#272391 - 03/02/05 11:13 PM
Re: New Visa Requirements
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Diamond Poster
Joined: Jun 2004
Posts: 1,975
Alderaan
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While searching for something else, I found the Bankers Systems sample disclosures on the complianceheadquaters website. Visa Disclosures and Compliance Point 2/24/05
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#272392 - 03/04/05 09:09 PM
Re: New Visa Requirements
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Diamond Poster
Joined: Nov 2004
Posts: 1,005
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If we are going to pass the 1% fee on to the customer do we have to also update our Schumer Box?
If I update our Credit Card Disclosure and Agreement to state the 1% fee do I also have to state this fee on our fee schedule? I went to the Compliance Headquarters site and they state we must disclose the fee elsewhere, such as on a fee schedule.
So I update the Schumer Box on the Website Visa Application, the Schumer Box on the Paper visa application, the credit card Agreement Disclosure, the Reg E Disclosure,and the Fee Schedule. Anything else I'm forgetting
Last edited by river girl; 03/04/05 09:50 PM.
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#272393 - 03/04/05 09:51 PM
Re: New Visa Requirements
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Diamond Poster
Joined: Jun 2004
Posts: 1,975
Alderaan
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Are you are considering it a finance charge?
Last edited by Princess Leia; 03/04/05 09:57 PM.
_________________________
Duct tape is like the force: It has a light side and a dark side and it holds the universe together.
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#272394 - 03/04/05 10:58 PM
Re: New Visa Requirements
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Diamond Poster
Joined: Nov 2004
Posts: 1,005
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I don't know. We are going to take the fee that is imposed upon us from visa and pass it on to the customer. Is that a finance charge? I have that in order to be a FC the fee is required by the lender. It's not us that is requiring it, it is Visa that requires it - it's just a pass thru type of charge. HELP
What are you doing with this fee?
Last edited by river girl; 03/04/05 10:59 PM.
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#272396 - 03/08/05 05:02 PM
Re: New Visa Requirements
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Diamond Poster
Joined: Jun 2004
Posts: 1,975
Alderaan
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Finance Charge.
_________________________
Duct tape is like the force: It has a light side and a dark side and it holds the universe together.
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#272397 - 03/08/05 05:20 PM
Re: New Visa Requirements
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100 Club
Joined: Jan 2005
Posts: 154
South Carolina
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What then is the proper method to be used to disclose this fee to your Visa debit card customers? Would it be sufficent to disclose in the Reg. E section of your account opening disclosures eventhough this is a Reg. Z matter?
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