NEW YORK – At press time, Wall Street card industry analysts anticipated that VISA and MasterCard would appeal a recent court decision which could cost them hundreds of millions of dollars in back fees. In California, a Superior Court judge has ordered the associations to repay the fees of card users who used their cards overseas since February of 1996. The judge ruled that neither VISA nor MasterCard were up front with consumers about the fees they charged for converting the transactions from the overseas currency into dollars. San Francisco-based VISA USA is entirely under the judge’s jurisdiction and was ordered to refund the fees of consumers nationwide. MasterCard, which is based in Purchase, New York, was only ordered to repay the fees to California cardholders. Both associations were also ordered to begin disclosing the fees more clearly.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.