If you’ve used a Visa or Mastercard to withdraw money from an ATM in recent years, you could be eligible for a significant payout. As part of a massive $197 million legal settlement, some cardholders may qualify for up to $1,797 in compensation. This stems from a class-action lawsuit that accused Visa, Mastercard, and several major U.S. banks of inflating ATM fees over a period of nearly two decades.
What’s the Settlement About?
Back in 2011, a group of consumers filed a lawsuit claiming that Visa and Mastercard, along with banks like JPMorgan Chase, Bank of America, and Wells Fargo, unfairly drove up ATM withdrawal fees. The lawsuit accused them of working together to limit competition and charge higher-than-normal surcharges for using ATMs connected to their networks. Although Visa and Mastercard have not admitted to any wrongdoing, they agreed to the $197 million settlement to put the issue to rest.
Who Can Get Paid?
You could be eligible to receive a payment if you meet the following criteria:
- You used a Visa or Mastercard debit or credit card to withdraw cash from an ATM between October 1, 2007, and July 26, 2024.
- You paid ATM surcharges that weren’t reimbursed by your bank or card issuer.
- The ATM you used was part of the Visa or Mastercard network, including machines operated by major banks like JPMorgan Chase, Wells Fargo, and Bank of America.
How to File Your Claim
Filing a claim is simple, and you don’t need extensive documentation to do so. Here’s what you need:
- Go to the official settlement website and download the claim form.
- Fill in the details about yourself and the ATM transactions you made, such as dates and fees (if you have them).
- Submit your form online or by mailing it to the address listed on the site.
Make sure you don’t miss the deadline—claims must be submitted by January 22, 2025.
How Much Can You Get?
The maximum payout per person is $1,797, but the actual amount you’ll receive will depend on how many people file claims and how much you paid in fees. If a large number of people submit valid claims, the payout could be smaller.
Why This Matters
This case is significant because it calls attention to the hidden costs of using ATMs and the impact of corporate practices on everyday consumers. The settlement is designed to compensate those who paid unfair fees and to encourage financial institutions to be more transparent about their charges.
What to Do Now
If you’ve ever used a Visa or Mastercard at an ATM and paid a surcharge, it’s worth checking if you qualify for a payout. Visit the settlement website for all the details and make sure to submit your claim before the deadline. Don’t miss your chance to receive what could be a sizable payment!
