Dear Claudienne,

Further to our telephone conversation where I described my issue with a Scotiabank credit card, please note my concerns.

I have a credit card from Scotiabank Jamaica. I do a lot of online shopping, but I have noticed that when I do transactions in any foreign currency, Scotiabank will send me a transaction alert immediately with the currency converted in Jamaican dollars but post a different but much higher dollar value than what was initially given. These transactions will be posted at a much later date. A change in the FOREX rate of the currency used does not equate to the large discrepancies between the transactions.

I have spoken to several agents (who barely spoke English) on the matter and I was dismissed. However I kept trying and eventually I spoke to a Jamaican agent who realised the discrepancies and was even appalled at the large variations.

However, I was told by him that he could not do anything but would have it investigated. This is what a few of the previous agents had also told me. However nothing has happened.

This situation has been observed for both debit and credit card transactions.

My account is managed at the Half-Way-Tree branch. Please help.

DM

Dear DM

Tell Claudienne conveyed your concerns to Scotiabank and notes that there have been extensive prolonged email exchanges between yourself and Scotiabank on the matter. The column has received the following email from Scotiabank on the issue.

“We thank you for bringing this matter concerning our valued customer to our attention and thank him for his patience and understanding as we investigated this matter. We acknowledge that this matter exceeded our usual resolution standards. This was due to extended timelines required to coordinate with our international third-party partners.

The following addresses the concerns noted:

As is customary, US$-denominated credit card transactions utilise foreign exchange rates which fluctuate daily. The rate may not necessarily be the same on the day the transaction was made and the day it was settled by the bank that issued the card.

This also means that the amounts reflected in local currency may marginally vary due to the foreign exchange conversion rate on the date when the transaction is settled.

We have communicated directly with DM on the specific calculations applied to the transaction in question.

Again, we thank him for his patience and look forward to serving him in the future.”

We wish you all the best.

Have a problem with a store, utility, a company? Telephone 876-936-9436 or Cell # 876-484-1349 or write to: Tell Claudienne c/o Sunday Finance, Jamaica Observer, 40-42 1/2 Beechwood Avenue, Kingston 5; or e-mail:edwardsc@jamaicaobserver.com. Please include a contact phone number.