There’s a windfall of free money on the horizon, thanks to a substantial $197.5 million surcharge settlement involving the credit card giants, Visa and Mastercard. If your ATM habits align with specific criteria, you might be eligible to claim a piece of this financial pie.
The spotlight is on these two multinational payment titans for allegedly breaching federal consumer protection laws. The accusation? Inflating ATM surcharges and fees, causing consumers to pay more than they should have when using their debit cards.
Visa and Mastercard are set to pay millions – Settlement
As part of this settlement, and qualifying consumers can claim part of these funds based on their past ATM usage. The settlement arises from charges that these companies implemented unlawful surcharges, leading to exorbitant “interchange” swipe fees whenever customers withdrew cash from ATMs using their cards.
Visa and Mastercard rank among the largest payment card services globally, and this settlement highlights significant issues within their operations, potentially affecting millions of cardholders. Keep an eye on this case if you’re a cardholder, as it could mean a financial boon for you!
The recent class action lawsuit highlights how two major corporations allegedly charged merchants excessive fees for processing credit and debit card payments. While neither Visa nor Mastercard have admitted any wrongdoing, and the court has yet to make a final decision, the settlement fund of $197.5 million is now open for claims.
Settlement Details
As part of the agreement, Visa has committed to contributing $104.6 million, while Mastercard will add $92.8 million to the settlement fund.
Previously, major US banks such as JPMorgan Chase, Wells Fargo, and Bank of America were involved in a separate ATM fee settlement, resulting in a payout of over $66 million.
Who Is Included in the Settlement?
Notably, Americans whose surcharged ATM transactions were already reimbursed are not included in this settlement. Additionally, those with surcharged transactions conducted using cards issued by financial institutions outside the US are also excluded.
Are You Eligible for a Claim?
If you paid a surcharge to withdraw cash from a US ATM between October 1, 2007, and July 26, 2024, you might be eligible for a claim in this settlement. Here are the requirements:
- You must have paid an unreimbursed ATM access fee to banks affiliated with the Visa and/or Mastercard ATM networks.
- This includes institutions such as JPMorgan Chase, Bank of America, and Wells Fargo.
With the settlement open for claims, individuals who meet these criteria are encouraged to explore their eligibility and take action accordingly.
Eligibility for Previous Claimants
If you have already filed a claim and received a payment from the previous settlement, you are in luck! You will automatically be eligible to receive payment from the new settlement.
Additional Surcharges and New Claims
- For those who paid additional ATM surcharges after submitting a claim in the previous settlement, you will need to submit another claim form to claim these additional transactions.
- If you’re a Visa or Mastercard customer who did not previously submit a claim, it’s crucial to do so now if you wish to receive money from the surcharge settlement.
Important Deadlines and Details Settlement
The deadline to file a valid claim form is January 22, 2025. Make sure to mark this date on your calendar!
Payments from the substantial $197.5 million settlement will differ depending on the number of class members who submit a claim. Ensure you take action to secure your share if you qualify.
When filing a claim in the ATM settlement, consumers aren’t initially required to submit any documentation. However, keep in mind that the official ATM class action claims administrator may request further documentation or proof at a later stage.
Filing Your Claim: What You Need to Know
The claim form requires you to state under oath that you have paid unlawfully excessive ATM surcharges. Mark your calendar for the final approval hearing on the ATM fee settlement, which is slated for January 24, 2025.
How to File a Claim
If you think you qualify for a share of the Visa and Mastercard settlement, you have two options for filing a claim:
- The simplest and most convenient method is to file your claim online. Begin by visiting the link to start filling out your claim form: https://atmclassaction.com/Claims/Create.
- You can also download a blank copy of the Claim Form online. After completing the form with your contact information, you’ll answer questions about your ATM surcharges.
- Next, you’ll need to certify the document with your signature and the date.
- Finally, you can mail the completed Claim Form to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
In addition to ATM-related claims, certain moviegoers are eligible for a one-time payment from a $9 million “convenience fee” settlement. Moreover, Americans can claim a check worth up to $401 as part of a $4.1 million privacy settlement.
How can I find out if I paid unlawfully excessive ATM surcharges in the past?
You may qualify if you paid a surcharge to withdraw cash from a bank ATM in the United States between October 1, 2007 and July 26, 2024 using a Visa or Mastercard debit card.
The class action lawsuit alleges Visa, Mastercard and member banks violated antitrust laws by inflating ATM surcharges and fees that consumers paid. The defendants deny the allegations and the court has not decided who is right, but the settlement is open to claims.
If you previously filed a valid claim and received payment from the earlier $66 million settlement with banks like JPMorgan Chase, Wells Fargo and Bank of America, you should automatically be eligible for a payment from the new $197.5 million settlement with Visa and Mastercard.
If you paid additional unreimbursed ATM surcharges after submitting a claim in the previous settlements, you need to submit an updated claim by January 22, 2025 to claim those transactions.
If you did not previously file a valid claim, you must submit a timely claim form by January 22, 2025 to receive a payment. The claim form requires stating under oath that you paid the excessive ATM surcharges.