VISA and Mastercard will soon dish out nearly $200 million to Americans impacted by an ATM surcharge settlement.
Eligible cardholders can get a piece of the $197.5 million pot depending on their ATM usage and if they have a receipt.
Visa and Mastercard, two of the largest multinational payment card services companies in the world, are wrapped up in a class action lawsuit.
The companies allegedly violated federal antitrust laws by inflating their ATM access fees, per the settlement website.
Consumers were faced with excessive surcharges or “interchange” swipe fees when withdrawing cash from ATMs while using Visa or Mastercard debit cards.
The two companies also charged business owners high fees for accepting credit and debit card payments.
JPMorgan Chase, Wells Fargo, and Bank of America were previously liable in the ATM fee case, paying over $66 million toward a settlement fund.
Now, Visa and Mastercard have agreed to additional settlements to resolve the claims against them.
While the two credit card corporations did not admit wrongdoing, they did agree to pay $197.5 million to resolve the case.
Visa is set to dish out $104.6 million and Mastercard will pay $92.8 million.
ELIGIBILITY AND PAYMENT
Class members in the Visa and Mastercard settlement include consumers who paid an unreimbursed ATM access fee to withdraw money from a US ATM between October 1, 2007, and July 26, 2024.
The surcharge must have been paid to banks that are or were members of the Visa and/or Mastercard ATM networks, such as JPMorgan Chase, Bank of America, and Wells Fargo.
Those already reimbursed for their excessive ATM fees are not eligible for the settlement as well as customers with surcharged transactions conducted on cards issued by financial institutions outside the US.
Cardholders who filed a claim and received money from a past settlement regarding the same issue will automatically be eligible to receive payment from the new settlement.
Americans who paid additional ATM fees after filing a claim in the prior settlement must submit a second claim to receive payment for their additional transactions.
Visa and Mastercard customers who did not submit a claim previously are required to do so to receive cash from the settlement fund.
Class members must submit a valid claim form by January 22, 2025.
How to file a claim
If you believe you’re eligible to receive a portion of the Visa and Mastercard settlement, there are two ways to file a claim.
The easiest and most convenient way to file a claim is by doing so online.
To get started, click the link to begin filing out your claim form: https://atmclassaction.com/Claims/Create
You can also download a blank copy of the Claim Form online.
Once you fill out the form with your contact information, you’ll be asked a series of questions regarding your ATM surcharges.
You’ll then be prompted to certify your document with your signature and the date.
You can then mail the Claim Form to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
Payment amounts from the Visa and Mastercard surcharge settlement will vary depending on how many people file a claim.
No payment estimates are available at this time.
When filing a claim in the settlement, class members must provide proof such as ATM receipts or electronic records.
The final approval hearing for the Visa and Mastercard settlement is set for January 23, 2025.
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