Prezzy Card foreign currency conversion charges compensation
New Zealand Post customers who incurred foreign currency conversion fees while using their Prezzy Cards to make foreign currency transactions between 4 November 2006 and 26 June 2007 and between 9 November 2007 and 12 November 2007 have received a refund of the fees they paid on all these transactions.
Customers have been paid the full refund amounts during the relevant periods direct to their Prezzy Cards.
Prezzy Card, is a prepaid Visa Card able to be used wherever Visa is accepted electronically worldwide. The card can be loaded with any value between $25 and $500 and can be purchased at PostShops or online and is valid for 12 months from the date of purchase. It was launched by New Zealand Post in November of 2006 and is managed on behalf of New Zealand Post by Kiwibank.
Kiwibank’s Chief Executive Sam Knowles says "New Zealand Post and Kiwibank went to the Commerce Commission voluntarily to inform them of the Prezzy Card currency fee reversals. We highlighted all affected customers had already been reimbursed in full for any currency conversation fees paid".
"New Zealand Post and Kiwibank reached a settlement with the Commerce Commission, accepting we had breached the Fair Trading Act 1986 with respect to the non-disclosure of foreign currency conversion charges in our on-line customer statements for Prezzy Card".
"As part of the settlement, we will be advising cardholders their cards have already been credited with refunds through newspaper advertising in January and supporting information will be published on both the New Zealand Post and Kiwibank websites. An 0800 phone line (0800 629 003) has also been set up to deal with customers who have any questions, including the calculation of the refund amounts".
"Any compensation not used before the expiration of the Prezzy Card will be paid to a charity project nominated by the Commerce Commission" says Mr Knowles.
Prezzy Cards purchased or used for international transactions between 27 June 2007 and 8 November 2007 and after 13 November 2007 are not affected by the refund issue.
For further Information: Bruce Thompson, Communications Manager (04) 460 6831. Email: email@example.com