Class action status is being sought in a lawsuit against MBNA Canada Bank on behalf of creditcard holders. The suit was filed by cardholder Stephen Markson after he was charged 94 per cent interest on a $100 cash advance which was paid back in one week. The suit alleges that the interest rate charged by MBNA Canada Bank on cash advances violates ''the Criminal Code and is illegal and void.'' In addition to interest and transaction fees, Markson was charged $7.50 for a ''transaction fee interest rate'' which the statement said was in regards to an annual interest rate of 94.11 per cent, which included ''periodic rate and transaction fee interest rate.'' Markson consequently learned that according to the the federal Criminal Code, one can only charge a maximum of 60 per cent interest annually.
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