Visa and Mastercard users in the U.S. are about to benefit from a major settlement that could put up to $1,797 in their pockets. The payment is part of a $197.5 million class action settlement addressing unlawful ATM surcharges that were charged to consumers over the last several years. If you’ve ever withdrawn cash from an ATM using a Visa or Mastercard debit card, you might be eligible for a refund.
Why Are These Payments Happening?
The settlement comes after allegations that Visa, Mastercard, and several banks imposed unfair ATM fees on debit card holders. These charges, referred to as “non-refundable surcharges,” were added to cash withdrawals at ATMs and were found to be in violation of federal laws. Now, affected users will receive payments as compensation for these excessive fees.
Visa has agreed to pay $104.6 million, and Mastercard will contribute $92.8 million to settle the lawsuit. The payout is expected to average around $1,797 per eligible person, but the final amount could vary depending on the number of valid claims filed.
Am I Eligible for This Payment?
To qualify for the payment, you must meet these simple criteria:
- You used a Visa or Mastercard debit card to make a cash withdrawal at a U.S. ATM between October 1, 2007, and July 26, 2024.
- You paid a surcharge for that ATM transaction, which was a non-refundable fee added to your withdrawal.
Most major banks, such as JPMorgan Chase, Wells Fargo, and Bank of America, are involved in this settlement, so if you used your card at any ATM under these banks’ networks, you may be eligible for compensation.
How Can I File a Claim?
If you think you qualify, it’s easy to claim your share of the settlement:
- Visit the official settlement website where you can access the claim form.
- Fill out the claim form with your personal details and information about the eligible ATM transactions.
- Submit the form either online or by mailing it to the designated address.
Important Dates to Remember
- Deadline to file a claim: January 22, 2025.
- Final settlement hearing: January 24, 2025.
Make sure to file your claim before the deadline to ensure you don’t miss out on the refund.
What Else Should I Know?
The payment amount per person may change depending on how many claims are filed, so it’s important to submit your claim as soon as possible. While initial proof may not be required, it’s a good idea to keep any ATM receipts or bank statements that show the surcharge fees in case they’re requested.
This settlement provides a rare opportunity for Visa and Mastercard users to get money back for fees they shouldn’t have been charged in the first place. Don’t miss your chance to claim the funds you’re owed!
