I recently made a purchase from a company in Canada using my
Mastercard. When the charge appeared on my credit card statement,
there was an additional 1% added to the purchase amount. My banking
institution told me the additional amount was added by Mastercard. MC
calls it a 'foreign currency conversion fee' and *****ses it on all
charges made outside the US.
In the above case, the charge and the remittance made to the company
were in US dollars, so there was no currency conversion.
Does anyone know who has oversight responsibility for Mastercard,
Visa, etc. so I can complain to the proper authorities? I've spoken
with folks in the Treasury Department, Federal Reserve, and FTC; and
they all don't have a clue.
Thanks for any help.
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