New law bans hidden fees at money-exchange shops

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Many people have been caught off-guard by the fees when exchanging dollars for pesos

Whether you cross the border frequently or now and again, you may have been paying a fee without knowing when you exchanged dollars for pesos.In San Ysidro, there are about a couple of dozen money-exchange shops. All of them compete to get your business. NBC 7 Responds found out that word of the new law is not getting to all of these companies that charge extra fees.

Griego recently went to Cambiomax because of the rate it advertised but was surprised by an 11% fee that showed up on her receipt.“So, I go, 'You know what? I don't have any money from you yet. We haven't completed the transaction. I want my money back,' and she's like, 'Oh, I can't do that. It's already in the system,' ” Griego told NBC 7.“I felt robbed —I felt like she just robbed me in my face,” Griego said. “I was so upset. I just felt frustrated.

NBC 7 saw a note on a window telling customers they charge a fee, but Griego explained that a sign on the floor with an arrow leads customers to a second window that does not have that same notice. “It applies to all businesses in California, and it requires that the price advertised be the price you pay and everything that is a mandatory cost or fee be included in the advertised cost,” Bonta said.“Even if it’s on a small sign, it needs to be in the price advertised," Bonta said.

 

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