Visa and Mastercard have agreed to a staggering $197.5 million settlement over allegations of inflating ATM fees unlawfully. This groundbreaking settlement stems from claims that the companies violated federal antitrust laws by driving up the costs for consumers to access their money.
This isn’t the first time banks and card networks have faced similar charges. In fact, earlier settlements with JPMorgan Chase, Wells Fargo, and Bank of America brought in more than $67 million. But this latest settlement is the largest yet, offering millions of consumers and businesses the chance to recover funds they unknowingly paid.
Who Can Get Money?
If you paid ATM surcharges between October 1, 2007, and July 26, 2024, you might qualify for a payout. Here are the details:
- Eligible Fees: You must have paid unreimbursed ATM fees to major banks, including JPMorgan Chase, Wells Fargo, or Bank of America, or any bank part of Visa and Mastercard’s ATM networks during the eligible period.
- Proof of Payment: Be sure to have your ATM receipts or bank statements handy, as you’ll need to prove the surcharges.
- Exclusions: If your ATM fees were reimbursed by your bank or your card was issued by a financial institution outside the U.S., you won’t qualify.
What’s in the Settlement?
The settlement fund will be divided based on how much consumers were charged in ATM surcharges. Visa has agreed to pay $104.675 million, while Mastercard will contribute $92.825 million, bringing the total to $197.5 million.
The more valid claims that are submitted, the smaller each payout might be. So, it’s essential to file your claim promptly to ensure you’re part of the pool.
How to File a Claim
If you think you’re eligible, here’s what you need to do:
- Submit Online: Visit the official settlement website, atmclassaction.com, and fill out the claim form.
- Mail Your Form: Download the form from the website, complete it, and send it to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
The deadline to file your claim is January 22, 2025, so act fast!
Important Dates to Remember
- Claim Deadline: January 22, 2025.
- Final Approval Hearing: January 23, 2025.
If you already filed a claim in earlier settlements for this case, you might automatically receive part of this payout. However, if you paid additional unreimbursed fees after your first claim, you’ll need to submit an updated form.
Don’t Miss Out on Your Share!
This settlement is a win for consumers who’ve been unknowingly overcharged by inflated ATM fees for years. If you think you qualify, review your records, and file your claim today. It only takes a few minutes, and you could recover money that’s rightfully yours. For more details, visit atmclassaction.com.
