In this news article, we explore a significant decision by a prominent U.S. court that has ordered Visa and Mastercard, the world’s two largest payment processors, to refund a total of $197 million to customers who were erroneously and illegally charged additional fees.
This ruling mandates direct payments of $1,797 to individuals who meet the specified criteria. Confirmed: There is a new government payment of $725 available to families that fulfill certain requirements. The court clarified that the extra charges imposed on customers when withdrawing cash from ATMs in the United States were illegal.
As part of the settlement, Mastercard will refund USD 92.8 million, while Visa will reimburse USD 104.6 million.
Visa and Mastercard will be providing refunds to their customers
The fees in question impacted individuals who conducted transactions at ATMs operated by banks such as JPMorgan Chase, Wells Fargo, or Bank of America from October 1, 2007, to July 26, 2024. According to the ruling, these surcharges were applied without valid justification, significantly affecting the finances of millions of users, following the next criteria:
- Transaction Period: October 1, 2007 – July 26, 2024
- Impacted ATM Operators: JPMorgan Chase, Wells Fargo, Bank of America
- Total Refund Amount: $197 million
- Mastercard’s Refund: $92.8 million
- Visa’s Refund: $104.6 million
Requirements for Claiming the Visa and Mastercard Refund
If you’re interested in claiming the USD 1,797 refund, there are specific criteria you need to meet:
- You must have used a Visa or Mastercard debit card at an ATM in the United States and paid a non-refundable surcharge during the specified period (2007-2024).
- These transactions should have been conducted at ATMs within networks such as JPMorgan Chase, Wells Fargo, or Bank of America.
It’s important to note that not all cardholders will receive this refund. Only those who meet the established criteria will be eligible for the benefit.
How to Request the $1,797 Refund from Visa and Mastercard
If you qualify, follow these steps to claim your refund:
- Visit the official class action lawsuit website. The designated portal for the settlement is ATM Recharge Settlement.
- Complete the claim form online or download it and send it via mail.
- Provide accurate information. Include your contact details and a sworn statement indicating that you paid the excessive surcharges.
- Adhere to the deadlines.
While additional proof is not initially required, the claim administrator might request documentation later on.