FAST CASH: Americans to get piece of $197.5 million Visa & Mastercard settlement if they paid ATM fee – you just have to apply
According to THE SUN, Visa and Mastercard customers are in line to receive a share of a substantial $197.5 million settlement due to allegations that the companies charged unlawful surcharges on ATM transactions, including cash withdrawals.
Settlement Details
The settlement applies to current and former Visa and Mastercard debit and credit card holders who paid an unreimbursed ATM access fee directly to JP Morgan, Bank of America, or Wells Fargo, or to banks that are or were members of the Visa and/or Mastercard ATM networks. The fee must have been charged between October 1, 2007, and July 26, 2024.
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Visa and Mastercard agreed to this settlement following a lawsuit that accused them of violating federal antitrust laws by conspiring with banks and ATM networks to impose unlawful surcharges on ATM transactions.
Financial Contributions
Visa will contribute $104.675 million, while Mastercard will contribute $92.825 million to the settlement fund, bringing the total to $197.5 million. Previous settlements by JP Morgan Chase, Wells Fargo, and Bank of America related to this lawsuit amounted to over $67 million.
Claim Process
Class members eligible for the settlement will receive cash payments based on the ATM surcharges they paid during the class period. Those who have already filed a claim with the involved banking institutions do not need to file again. However, individuals who have not been reimbursed or did not submit previous claims have until January 22, 2025, to submit a valid claim form.
Affected individuals wishing to opt out of the settlement must do so by November 22, 2024. The final approval hearing for the settlement is scheduled for January 24, 2025, with distribution expected to follow after this date.
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Other Noteworthy Settlements
Visa and Mastercard are not alone in facing class action lawsuits and significant settlements. TD Bank customers facing allegedly illegal overdraft fees have a few days left to opt out of a $32.225 million settlement. Additionally, digital media company Buzzfeed recently agreed to pay over $9 million to readers over privacy law violations. Even consumers who used dry shampoo in recent years might be eligible for a share of IGK’s $850,000 settlement fund.
