Visa and Mastercard, two well-known credit card companies, have agreed to pay $197.5 million to settle a class action lawsuit against plaintiffs. The Visa Mastercard Settlement addresses claims of unlawful surcharges on ATM transactions. Plaintiffs’ lawyers hailed the settlement as a financial relief for organizations whose ATM access fees were not reimbursed to different banks between October 2007 and July 2024, in addition to the impacted cardholders.
The class action lawsuit claimed that by implementing restrictions that increased ATM surcharges (also known as ATM access fees) paid by companies and consumers, Visa, Mastercard, and other banks had broken federal antitrust laws.
Visa Mastercard Settlement Payment
A $197.5 million settlement resolving allegations of illegal surcharges may be available to you if you have ever paid ATM fees while using the Visa or Mastercard networks. The claims that Visa, Mastercard, and a number of banks conspired to impose high fees on ATM transactions in violation of federal antitrust laws have been settled. The class action lawsuit also alleges that the two businesses overcharged merchants for taking payments using credit and debit cards.
The court has not reached a final ruling and Visa and Mastercard have not acknowledged any wrongdoing, but the $197.5 million class action settlement is available for claims. Mastercard would provide $92.8 million, while Visa agreed to contribute $104.6 million to the settlement money.
Details on Visa Mastercard Lawsuit
| Country | America |
| Defaulter company | Visa – Mastercard |
| Settlement amount | $197.5 million |
| Claim Deadline | January 22, 2025 |
| Final hearing | January 23, 2025 |
| Category | Settlement News |
| Claim website | www.paymentcardsettlement.com |
Who is eligible under this lawsuit?
- If you paid a premium to get cash via ATM in America October 1, 2007, and July 26, 2024, you might be eligible. If all of your surcharged ATM purchases were paid back or made using cards from non-US banking institutions, you are not covered.
- Since the ATM class action settlement administrators should already have your information on file, you might not need to take any more action to obtain payment from the new settlement if you have already submitted a claim and been paid. If you paid any additional qualifying ATM fees (per the class action notification) after filing your prior ATM class action claim and were not compensated for those costs, there may be an exemption to this rule.
Visa Mastercard Lawsuit- Deadline to Claim
A proportionate share of the ATM class action settlement money will be awarded to each claim, depend on the overall number of legitimate claims. The exact amount of each payment cannot be known in advance because it is dependent on the number of claims that are approved.
- Previously Filed Claimants: Unless you were subject to additional surcharges, you are not required to reapply if you filed in a prior settlement.
- New Claims: Use electronic records or receipts as evidence of ATM fees
Payments will be made soon after the final approval hearing. The claim deadline is January 22, 2025.
Settlement Payment Amount
- Under the terms of the new agreement, Visa will contribute $104.67 million and Mastercard will contribute $92.82 million to create a common fund for class action lawsuit participants. Reimbursement for individuals impacted by ATM usage surcharges during the relevant time frame is the goal.
- Based on the late fees they paid during the period specified in the class action complaint, those who are participating and can demonstrate that they were impacted may be compensated. Although the exact amount of the claim is known, it is still unknown when each accepted claimant will receive it. This is because it relies on the number of persons included in the total and the amount of money that will be deducted from the fund for legal fees.
- Members of the class who have been charged more than once since their first claim will be able to submit a new form that includes the most current charges. However, the exclusion and objection deadline was November 22, 2024, giving individuals impacted time to make up their minds about participating.
- The impact must be proven by electronic records and ATM receipts proving the aforementioned surcharges have been collected in order to qualify. Keep in mind that when a claim is made under the penalty of perjury, lying is illegal and may result in criminal prosecution.
Submit your claim
- If you are eligible for Visa and Mastercard settlement Payment Amount 2024 then file a claim now.
- Online filing is the simplest and most practical method of submitting a claim.
- Fill out your claim form by clicking this link to get started: https://www.paymentcardsettlement.com/en
- The Claim Form is also available for online download in blank form.
- The next step will be to certify your document by signing it and adding the date.
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