Millions of Americans could soon receive compensation from Visa and Mastercard as part of a $197.5 million settlement addressing inflated ATM surcharges. If you’ve used an ATM and paid access fees, you might be eligible for a payout—provided you have proof of your transactions.
Background of the Settlement
Visa and Mastercard, two of the world’s largest financial services companies, have been accused of violating federal antitrust laws by overcharging consumers on ATM withdrawal fees. The class action lawsuit alleges that these companies imposed excessive “interchange” swipe fees on ATM users and charged high processing fees to businesses accepting credit and debit cards.
Previously, major banks like JPMorgan Chase, Wells Fargo, and Bank of America were held accountable in the same case, contributing over $66 million in settlements. Now, Visa and Mastercard have agreed to additional payments—without admitting wrongdoing—to bring the matter to a close.
Visa will pay $104.6 million, while Mastercard has committed to $92.8 million, bringing the total settlement to nearly $200 million.
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Who Is Eligible for a Payment?
If you used an ATM in the U.S. and paid an unreimbursed surcharge between October 1, 2007, and July 26, 2024, you may qualify for a payout. However, there are a few conditions:
- The ATM must have been part of the Visa or Mastercard network.
- The surcharge must have been paid to a bank participating in the Visa or Mastercard ATM network, such as JPMorgan Chase, Bank of America, or Wells Fargo.
- Transactions made with cards issued by non-U.S. financial institutions do not qualify.
- If you previously filed a claim in a related settlement and received compensation, you will automatically be eligible for this new payout.
- If you paid additional fees after a prior claim, you must file a new claim to receive further compensation.
How to File a Claim
Eligible consumers must submit a valid claim form by January 22, 2025. The amount each claimant receives will depend on the total number of claims submitted.
While specific payment estimates have not yet been disclosed, class members must provide proof of their ATM surcharges, such as receipts or electronic transaction records, when filing their claims.
Final Steps in the Settlement Process
A court hearing to finalize the Visa and Mastercard settlement is scheduled for January 23, 2025.
In the meantime, consumers may also be eligible for additional financial settlements, including:
- Physical therapy data breach settlement: One-time payments of up to $5,000, with no proof required.
- Hospital data breach settlement: Potential payouts of up to $5,000, with a receipt as proof.
If you believe you qualify for the ATM fee settlement, be sure to gather your documentation and submit your claim before the deadline.
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