Consumer complaint received 2024-04-03
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Unexpected or other fees — 
Company: Capital Accounts, LLC (NJ)

RE : Complaint Regarding Excessive Foreign Transaction Fees on Capital XXXX XXXX Checking Account Dear CFPB, I am writing to file a complaint against Capital XXXX regarding excessive foreign transaction fees being charged on my XXXX checking account. 
Account Information : * Account Name : XXXX XXXX * Account Type : XXXX Checking Summary of Complaint : I opened a Capital XXXX XXXX checking account in [ XX/XX/XXXX under the understanding that there were no foreign transaction fees associated with the account. Capital XXXXXXXX XXXX website and account materials advertise that XXXX checking accounts allow for debit card use abroad without additional fees as follows : For XXXX products ( XXXX Checking, Money, etc. ) there are no additional fees when you use your debit card abroad ( any transaction made in a foreign currency or that XXXX classifies as a cross-border transaction ). 

However, since moving to XXXX in XXXX [ temporary due to my son studies ], I have been charged foreign transaction fees on all my withdrawals from ATMs. These fees have resulted in a significant difference between the amount withdrawn in Euros ( ) and the amount debited from my account in US Dollars ( $ ). 

Examples of Discrepancies : * XX/XX/XXXX Withdrawal : I withdrew XXXX from a XXXX ATM. However, my account was debited {$650.00}. At the prevailing exchange rate of XXXX to {$1.00} USD, the withdrawal should have only cost approximately {$500.00} USD ( XXXX x XXXX ). This translates to adiscrepancy of {$140.00} USD. 
* * XX/XX/XXXX Withdrawal : Today, I withdrew XXXX from a XXXX ATM. My account was debited {$680.00}. At the current exchange rate of XXXX to {$1.00} USD, the withdrawal should have cost approximately {$550.00} USD ( XXXX x XXXX ). This translates to adiscrepancy of {$120.00} USD. 

On the other hand, this situation have been. Happening Sice XX/XX/XXXX to the present. 
* Actions Taken : I have contacted Capital XXXX customer service on [ Number ] occasions to inquire about these fees. They have not been able to provide a clear explanation or offer any reimbursement for the excessive charges. I specifically mentioned the information on Capital XXXX 's website regarding no foreign transaction fees for XXXX accounts, but this information was not acknowledged by customer service representatives. 

Attached Documentation : I have attached foto screen taken today XX/XX/XXXX for your reference : * The Bank statements are proof, showing the foreign transaction fees and the corresponding debits in USD to my account. If it is necessary I can requests my bank statements, since XXXX, but sending an Auditor to the bank you can verify same. 

Request for Relief : I request that the CFPB investigate these charges and determine if they violate any consumer protection laws. Specifically, I request that Capital XXXX be required to : * Explain the basis for these foreign transaction fees, considering the advertised benefit of " no foreign transaction fees '' for XXXX checking accounts. 
* Reimburse me for all foreign transaction fees that have been intentionally charged to my account since XXXX, including the discrepancies highlighted in the examples above. 
* Thank you for your time and attention to this matter. I look forward to your response and a resolution to this issue. 

Sincerely, XXXX XXXX XXXX : FTC/XXXX/FCC