Bob Sullivan has exposed a new fee imposed on credit card users on his blog “The Red Tape Chronicles” on msnbc.com: The “foreign fee” now charged by Bank of America.Â
Online shoppers take note: Â It’s now possible that you’ll be charged a foreign transaction fee on some purchases without ever leaving the U.S.
In the past, the rationale behind the foreign transaction fee was this: The bank had to pay for currency conversion.  The consumers were overseas and bought things in other currencies.  But not anymore. Here’s how Bank of America explains the new fee in a letter to consumers: “Foreign transactions include, for example, online purchases from foreign merchants.” So you could be sitting in your living room in the United States, make a purchase online from a company oversees in U.S. dollars and now have to pay a “foreign fee” if you use a Bank of America credit card.
Read more about this new fee on Bob Sullivan’s blog:Â http://tinyurl.com/n443vj
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