Visa and Mastercard have agreed to a $197.5 million settlement over excessive ATM fees, offering eligible cardholders a potential payout of up to $1,797. If you paid unreimbursed ATM fees between 2007 and 2024, you may qualify for compensation. Claims must be submitted by January 22, 2025.
Table of Contents
Key Details of the $1,797 Direct Payment
| Detail | Information |
|---|---|
| Settlement Amount | $197.5 million |
| Eligibility Period | October 1, 2007 – July 26, 2024 |
| Claim Deadline | January 22, 2025 |
| How to File | Online or mail submission |
| Final Approval Hearing | January 24, 2025 |
| Official Website | Available for claim submission and details |
This settlement compensates millions of Americans who unknowingly overpaid ATM fees for years. Both individuals and businesses may qualify, ensuring fairness for those affected.
Why Are Visa and Mastercard Paying Cardholders?
The $197.5 million settlement resolves allegations that Visa and Mastercard illegally inflated ATM access fees, violating federal antitrust laws. Millions of Americans paid these fees, especially when using third-party ATMs. The lawsuit claims the companies engaged in anti-competitive practices, preventing lower ATM fees and overcharging consumers for nearly 17 years.
Background of the Lawsuit
Consumer advocacy groups and individuals filed the lawsuit, arguing that Visa and Mastercard colluded with major banks-including JPMorgan Chase, Wells Fargo, and Bank of America-to maintain artificially high fees.
The Antitrust Allegations
The lawsuit exposed restrictions that prevented competition in the ATM network. Visa and Mastercard allegedly enforced rules that blocked independent ATM operators from offering lower fees, effectively creating a monopolistic system. This lack of competition led to persistently high ATM fees for consumers who relied on cash transactions.
Who Is Eligible for the $1,797 Settlement Payout?
You may qualify for compensation if:
- You Paid ATM Fees: You used a Visa or Mastercard to withdraw cash and were charged unreimbursed ATM access fees.
- Time Frame: The transactions occurred between October 1, 2007, and July 26, 2024.
- Participating Banks: The withdrawal was made through an ATM in the Visa or Mastercard network.
What If You Previously Filed a Claim?
If you have already filed claims in related settlements, you will automatically be considered for this payout. This ensures past claimants don’t miss out on additional compensation.
Important: Keep your contact information updated to receive notifications about the claims process.
How to File a Claim for the $1,797 Settlement
Filing a claim is simple and can be done in two ways:
1. Online Submission
- Visit the official settlement website.
- Fill out the claim form with your details, including transaction history (if available).
- No documentation is required initially, but keep records in case they are requested later.
2. Mail Submission
- Download the claim form from the official website.
- Complete the form and mail it to: ATM Surcharge Settlement P.O. Box 170500 Milwaukee, WI 53217
Claim Deadline: January 22, 2025
Tips for Filing Your Claim
- Double-Check Details: Ensure accuracy to avoid errors or delays.
- Keep Copies: Retain a copy of your submitted claim form.
- Stay Updated: Monitor the official website for additional instructions.
How Much Will Each Person Receive?
The final payout depends on the number of valid claims submitted. The $197.5 million settlement will be divided among all eligible claimants.
Factors Affecting Payment Amount
- Total Claims Filed: More claims mean smaller individual payouts.
- Fees Paid: Those who paid higher ATM fees may receive more compensation.
- Claim Accuracy: Ensuring your claim is error-free prevents delays.
Settlement Distribution Process
The settlement administrator will calculate payments based on the proportion of ATM fees paid by each claimant. This ensures a fair distribution of funds.
FAQs About the $1,797 Settlement Payout
1. What Are Unreimbursed ATM Fees?
These are fees charged by ATM operators for cash withdrawals that were not refunded by your bank or card issuer. They typically range from $2 to $5 per transaction.
2. Do I Need Proof of Transactions?
Not initially. While you can file a claim without documentation, you may need to provide proof if requested. Keep bank statements or ATM receipts as evidence.
3. Is This Settlement Legitimate?
Yes. The court has approved this settlement, and it is managed by a reputable settlement administrator. Visit the official settlement website for verification.
4. Can Businesses File Claims?
Yes. Businesses that incurred unreimbursed ATM fees using Visa or Mastercard can file claims. Be sure to include transaction details for business-related card usage.
5. What Happens If I Miss the Deadline?
Late claims will not be accepted. Submit your claim by January 22, 2025, to ensure you receive compensation.
How to Maximize Your Claim
To ensure you receive the highest payout possible:
- File Early: Submitting your claim promptly minimizes processing delays.
- Gather Documentation: While not required upfront, keeping transaction records may help if verification is needed.
- Stay Informed: Regularly check the settlement website for updates.
- Spread the Word: Inform friends, family, and colleagues who may qualify to ensure they don’t miss out.
Why This Settlement Matters
Class action lawsuits like this help hold corporations accountable for unfair business practices. By participating, you not only receive compensation for past overcharges but also contribute to a fairer financial system for all consumers.
If you believe you qualify, don’t wait-file your claim today and ensure you receive your fair share of the $197.5 million settlement.
