Foreign exchange transactions on your credit card
A number of people have complained about the standard of service when taking your credit card overseas and so-called "hidden charges". However, there have also been a number of instances of unauthorised credit card transactions going through, only to be cancelled within 24 hours, but customers being left out of pocket.
At the core of the UK banking sector regulations is the fact that unauthorised transactions should not leave the customer out of pocket. However, many people have experienced unauthorised transactions overseas only to be left out of pocket when the exchange rate changes and they are reimbursed in the local currency, which has have changed in value against the pound. Those who spot such transactions on their credit cards should make their credit card companies aware as soon as possible and if they do appear to be out of pocket they should be allowed to claim back the difference.
It is relevant that the difference may well be because of the changing exchange rate because ultimately the transaction should not have gone through and unless the customer has been fraudulent or not taken reasonable care the credit card companies do not have a leg to stand on.
Share this..
Related stories
Will the car scrappage scheme save the motor industry?
As the government receives its first pat on the back for some time, in relation to the early success of the car scrappage scheme, there are still concerns about the long-term viability of the UK car manufacturing sector. It is no surprise that the collapse of General Motors in the US has placed significant pressure on its European subsidiaries, many of which have been put up for sale.
Read More
Less than a quarter of over 55s have enough pension savings
11/05/2015 Only 24% of people aged over 55 have adequate savings to fund their retirement, according to a survey from Close Brothers Assessment Management. Even with the greater flexibility brought in by the new pension freedoms, just 24% of over 55s claimed that the felt fully financially prepared to fund their retirement. Just less than half felt like they had enough to ensure “reasonab...
Read MoreCo-op announces losses of £1.3bn
11/04/2014 The Co-op bank has apologised to its 4.7 million customers after announcing annual losses of £1.3bn for 2013. Although large losses were expected, the announcement has raised fresh concerns over the future of the bank as it does not expect to make a profit in 2014 or 2015. Niall Booker, Chief Executive of the Co-operative bank was the first to apologise on behalf of the organi...
Read MoreGoldman Sachs faces £20 million fine
Goldman Sachs, the US financial giant, is on the verge of being handed a £20 million by the Financial Services Authority (FSA). It is believed that the FSA began an investigation into Goldman Sachs mortgage backed security operation in light of fraud charges which were launched in the US by the Securities and Exchange Commission. The company was fined a record $550 million by the SEC with the com...
Read MoreUK recession was the deepest since 1921
It has been revealed that the UK recession, which many believe ended in the final quarter of 2009, was the deepest and the hardest hitting since 1921. While it would be unfair to suggest that no other economies around the world have suffered to the same degree as the UK economy, there is no doubt that the UK is one of the slowest economies to recover. This has been a wake-up call to many who ro...
Read More