In a major legal win for consumers, Visa and Mastercard have agreed to a $197.5 million settlement over claims they improperly inflated ATM fees for years. If you’ve ever been hit with an ATM surcharge, you could be eligible for a payout. Here’s what you need to know.
Why the Settlement Happened
The lawsuit accused Visa and Mastercard of teaming up with major banks—like JPMorgan Chase, Wells Fargo, and Bank of America—to overcharge customers at ATMs. The case claimed these companies worked together to keep fees high, leaving millions of users unfairly paying extra when withdrawing cash.
This isn’t the first big payout in this case. The banks involved already settled for $67 million, and now Visa and Mastercard are covering the remaining $197.5 million.
Who Is Eligible for a Payout?
You may qualify for a portion of the settlement if:
- You paid an unreimbursed ATM fee between October 1, 2007, and July 26, 2024.
- The fee was charged by JPMorgan Chase, Wells Fargo, Bank of America, or any bank that used the Visa or Mastercard ATM networks during that time.
If your fees were already reimbursed or the card used wasn’t from a U.S.-based bank, you’re likely not eligible.
How to Submit Your Claim
To get your share of the settlement, you’ll need to submit a claim by January 22, 2025. Here’s how:
- Visit the official settlement website and fill out the claim form online, or mail in a paper form.
- You don’t need to provide proof right away (like ATM receipts), but be prepared to offer it if requested.
If you previously filed a claim under the earlier bank settlements and think you may have additional fees that weren’t covered, you can submit a new claim.
How Much Money Can You Expect?
The amount you receive depends on a few factors:
- The total number of claims submitted
- The total amount of unreimbursed ATM fees you paid
Because the settlement fund is divided among all eligible claimants, exact payment amounts aren’t set in stone yet.
Important Dates
- File your claim by: January 22, 2025
- Deadline to opt out or object: November 22, 2024
- Final approval hearing: January 23, 2025
The final hearing will decide whether the settlement is officially approved. Once that’s done and any appeals are resolved, payments will be distributed.
What Should You Do Now?
- Check if you’re eligible. Think back to any unreimbursed ATM fees you’ve paid since 2007.
- Submit your claim on time. The clock is ticking, so don’t wait.
- Stay updated. The settlement website will have the latest info on claim processing and payout dates.
With millions of dollars on the line, it’s worth checking if you’re entitled to a refund. Visit the official settlement website at ATM Surcharge Class Action Lawsuit to get started. You could have money waiting for you—don’t miss out!
