Consumer complaint received 2023-01-19
Company: HUNTINGTON NATIONAL BANK, THE
State: PA
Product: Money transfer, virtual currency, or money service
Sub-product: Foreign currency exchange
Issue: Confusing or misleading advertising or marketing

Complaint:
I recently completed a foreign exchange transaction with Huntington National Bank and was charged an excessive fee despite their website stating that the offer " Competitive Exchange Rates ''. 

I have an upcoming business trip to XXXX and need to obtain Euros. Huntington is my primary bank and I confirmed on their website that they offer foreign currency exchange. 
On the Huntington National Bank website page for foreign exchange ( https : //www.huntington.com/Personal/foreign-currency ) it states the following : - Competitive exchange rates apply plus an {$8.00} flat ordering fee. 
- Huntington customers can save time by ordering foreign currency before a trip. You might even save money compared to airport exchange services. 

Based on this information, I was under the impression that the bank offered " competitive exchange rates ''. I called the branch and asked them about the process. They told me I just needed to tell them the currency and the amount and they would take care of the rest. No rates were discussed when I placed the order. 

The order I placed was for XXXX euros on XX/XX/2023. The exchange rate as of that date was XXXX dollars for each euro.  I picked up the euros on XX/XX/2023 and was informed that I was charged XXXX dollars per euro. 

While at the branch, Huntington required me to sign a document stating the following : " The exchange rate used for this transaction may very from other exchange rates in existence globally. By completing the transaction referenced herein you are irrevocably agreeing to accept both the amount of funds shown as paid and the exchange rate used herein and you fully understand and acknowledge that any additional funds resulting from using this exchange rate shall be kept by the organization performing your requested transaction. '' That is bait and switch. There is no language like that stated on the website. Nothing like that was said to me when I placed the order. It was only after the order was in and I picked up the currency that I was informed that Huntington was not using market rates and would keep the excessive profit as a fee. 

The difference between the market rate and the Huntington rate was approximately {$620.00} that Huntington profited from. 

In summary, my complaints are the following : - The Huntington website is completely misleading. An exchange rate XXXX cents above the true market exchange rate is not competitive. Implying a savings by going to Huntington is misleading. 
- The language shared by the bank after the transaction is finalized is contradictory to the language prior to the transaction and on their website. 
- The only fee referenced on the website is an {$8.00} fee. The impression Huntington provides on their website and before the transaction is that they offer a market exchange rate and only charge an {$8.00} fee for this service to their customers. The difference in the exchange rate between market and the Huntington rate is essentially another fee, which they conceded in the disclosure I signed at the time I picked up the currency. 

In summary, I fell victim to the misleading website and flawed process and it cost me a fee of over {$600.00} when I could have easily completed this transaction for a fraction of that cost. While there is likely nothing I can do to receive my money back, I feel compelled to do what I can to prevent other consumers for falling for this same practice.

Company response to consumer: Closed with explanation