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AMERICANS are in for some free money thanks to a $197.5 million surcharge settlement involving Visa and Mastercard.
The two credit card companies owe millions in settlement fees – cash that consumers can claim depending on their ATM usage.
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Visa and Mastercard are some of the largest multinational payment card services companies in the world.
The two companies are in hot water for allegedly violating federal consumer protection laws due to inflating ATM surcharges and fees, per the settlement website.
Due to the unlawful moves, credit card customers faced excessively high surcharges or “interchange” swipe fees when withdrawing money from ATMs using their Visa or Mastercard debit cards.
The two corporations also charged merchants excessive fees for accepting credit and debit card payments, according to the class action lawsuit.
Although Visa and Mastercard have not admitted wrongdoing and the court has not come to a final decision, the $197.5 million class action settlement is open to claims.
Visa agreed to pay $104.6 million toward the settlement fund and Mastercard will pay out $92.8 million.
JPMorgan Chase, Wells Fargo, Bank of America, and other large US banks were previously involved in an ATM fee settlement with a payout of over $66 million.
ARE YOU ELIGIBLE?
Eligible class members in the $197.5 million class action settlement include those who paid a surcharge to withdraw cash from a US ATM between October 1, 2007, and July 26, 2024.
Cardholders must have paid an unreimbursed ATM access fee to banks that are or were members of the Visa and/or Mastercard ATM networks, including institutions such as JPMorgan Chase, Bank of America, and Wells Fargo.
Americans whose surcharged ATM transactions were already reimbursed are not included in the settlement, as well as those with surcharged transactions conducted on cards issued by financial institutions outside the US.
Customers who have already filed a claim and received payment from the previous settlement will automatically be eligible to receive payment from the new settlement.
Those who have paid additional ATM surcharges after submitting a claim in the previous settlement must submit another claim form if they wish to claim the additional transactions.
Visa and Mastercard customers who did not previously submit a claim must do so to receive money from the surcharge settlement.
The deadline to file a valid claim form is January 22, 2025.
Payments from the $197.5 million settlement will vary based on how many class members submit a claim.
Consumers are not required to provide any documentation when filing a claim in the settlement.
However, the official ATM class action claims administrator may potentially ask for additional documentation or proof later.
The claim form requires consumers to state under oath that they paid unlawfully excessive ATM surcharges.
The final approval hearing for the ATM fee settlement is scheduled for January 24, 2025.
How to file a claim
If you believe you’re eligible to receive a portion of the Visa and Mastercard settlement, there are two ways to file a claim.
The easiest and most convenient way to file a claim is by doing so online.
To get started, click the link to begin filing out your claim form:
You can also download a blank copy of the Claim Form online.
Once you fill out the form with your contact information, you’ll be asked a series of questions regarding your ATM surcharges.
You’ll then be prompted to certify your document with your signature and the date.
You can then mail the Claim Form to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
Certain moviegoers are also entitled to receive a one-time payment from a $9 million “convenience fee” settlement.
Plus, Americans can get a check worth up to $401 as part of a $4.1 million privacy settlement.
