A major financial windfall is on the horizon for U.S. consumers as Visa and Mastercard agree to a substantial $197.5 million settlement over alleged violations of federal consumer protection laws. If you’ve used an ATM under certain conditions in the past 16 years, you might be eligible to claim part of this massive payout.
What’s the Settlement About?
The lawsuit revolves around claims that Visa and Mastercard inflated ATM surcharges and fees—called “interchange” fees—leading consumers to pay more than necessary when withdrawing cash. While the two financial giants deny any wrongdoing, the $197.5 million payout will address these alleged overcharges, with millions potentially eligible for refunds.
This latest settlement follows a similar $66 million payout in a previous ATM surcharge class-action lawsuit involving major U.S. banks like JPMorgan Chase, Wells Fargo, and Bank of America.
Settlement Breakdown: Who’s Paying What?
- Visa will contribute $104.6 million
- Mastercard will contribute $92.8 million
The settlement will focus on claims by U.S.-based consumers who may have paid surcharges from October 1, 2007, to July 26, 2024, when using Visa or Mastercard debit cards at U.S. ATMs.
Am I Eligible for the Settlement?
To qualify for a payout, you must meet these criteria:
- You paid an unreimbursed surcharge to use a U.S.-based ATM affiliated with Visa or Mastercard.
- Your surcharge payment occurred between October 1, 2007, and July 26, 2024.
- You must have used cards from banks like JPMorgan Chase, Bank of America, Wells Fargo, or other affiliated financial institutions.
Note: If you’ve already received reimbursement for these fees in previous settlements or used non-U.S.-based ATMs, you’re not eligible.
Already Submitted a Claim? Here’s What You Need to Know
If you submitted a claim in the previous $66 million settlement and received payment, you’re automatically eligible for this new settlement. However, if you’ve paid additional surcharges after submitting that claim, you will need to submit a new claim form by January 22, 2025.
For those who haven’t yet filed a claim, now’s the time. The deadline to submit your claim is January 22, 2025.
How to File Your Claim
Filing your claim is straightforward. You can submit your claim online or by mail:
Option 1: Online Claim Submission
- Visit https://atmclassaction.com/Claims/Create
- Complete the online claim form with your contact details and surcharge payment information.
Option 2: Mail Claim Submission
- Download and complete the claim form from the website.
- Sign and date the form under oath.
- Mail the completed form to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
The process does not initially require documentation, but keep in mind that the official claims administrator may request further proof later on.
Additional Opportunities for Financial Relief
Besides the Visa-Mastercard settlement, other financial opportunities include:
- A $9 million “convenience fee” settlement for certain moviegoers.
- A $4.1 million privacy settlement offering checks of up to $401 to eligible consumers.
Mark Your Calendar: Important Deadlines
- January 22, 2025: Final date to file your claim for the $197.5 million settlement.
- January 24, 2025: Final approval hearing for the settlement.
With the payment pool distributed among claimants based on how many people submit valid claims, filing early is key to securing your share.
Don’t miss this opportunity to claim your share of $197.5 million. If you’ve ever paid excessive ATM surcharges while using your Visa or Mastercard debit card in the past 16 years, make sure to act now before the deadline!
