Credit Card Settlement Checks Now Coming in the Mail
Credit cardholders may finally find something pleasant in their mailbox: a check from their credit card company.
More than 7.4 million checks are being sent out to users as payment for a settlement recently completed in court regarding the foreign transaction fees on credit cards. The checks will be disbursed during the next two months, and they will range in value from one customer to the next. The checks are only good for 90 days, so watch your mailbox for unexpected money.
Here is a note directly from the settlement website:
On April 16, 2013, the Court approved a distribution of checks concerning foreign transaction fee claims made in connection with the settlements in the two related matters In re Currency Conversion Fee Antitrust Litig. and Ross, et al. v. American Express Co., et al. (The initial distribution of checks in connection with the Currency Conversion Fee settlement was completed by mid-January 2012.) The Settlement Administrator will be issuing distribution checks to Authorized Claimants during the period from approximately mid-May to mid-July 2013.
Though the case is titled Ross vs. American Express, it also involves credit cards from Visa, MasterCard, and Diners Club. It is important for you to watch your mail. If you have submitted a valid claim and have not received your check by mid-July, follow the steps outlined in the FAQ page to make sure that money gets to you.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.