Published on March 31, 2017 11:59 am, by Pete Lalor
Citibank announced today that it was refunding almost $5 million in overseas transaction fees to almost 230,000 customers. The refunds are being paid to holders of Citibank, Virgin Money and Bank of Queensland credit cards (Citibank provides cards to Virgin Money and Bank of Queensland).
Citibank acknowledged that it had not clearly disclosed that credit card customers would be charged fees on transactions made in Australian dollars with overseas businesses or Australian businesses that used overseas institutions to process payment transactions. Customers had been charged fees on these transactions.
Citibank has agreed to refund the fees that were charged and interest on the fees.
The fees and charges for financial products can be difficult for customers to understand – particularly when disclosure isn’t clear.
MoneyBriliant makes it easy to stay on top of fees and charges. We automatically categorise the fees and charges on our account and make it easy for you to spot them. And we do this across all your accounts so you can review all your fees and charges in one place on your phone or tablet.
Finally, if you want to transact at overseas merchants at no cost there are credit cards on the market that will allow you to do just that, so it pays to check out your options.
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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.