Visa and Mastercard have reached a massive $200 million settlement in a class action lawsuit accusing them of unfairly inflating ATM fees for consumers and businesses. If you’ve ever used an ATM or accepted payments via Visa or Mastercard, you could be entitled to a refund of up to $2,000! Here’s everything you need to know about the settlement, eligibility, and how to claim your payout.
Why Visa and Mastercard Are Paying $200 Million
The lawsuit revolves around Visa and Mastercard’s alleged practice of preventing ATM operators from offering lower fees when people used alternative card networks. While this benefited the banks and card companies, it left consumers paying higher-than-necessary ATM fees. Many businesses and individuals felt this was an unfair practice, leading to the class action lawsuit.
For years, from 2007 to 2024, the case navigated the courts, and now Visa and Mastercard have agreed to pay $200 million to settle the case. The money will be distributed to eligible individuals and businesses impacted by the fees, and refunds will be issued via mail or direct deposit after approval.
Key Details of the Visa Mastercard Settlement
| Key Detail | Information |
|---|---|
| Total Settlement Amount | $200 Million |
| Maximum Refund per Person | Up to $2,000 |
| Eligibility Period | 2007–2024 (for individuals paying ATM fees at banks like Bank of America, Wells Fargo, JPMorgan Chase) |
| Expected Payout Date | May 2025 |
| Program Name | Visa Mastercard Settlement |
| Official Settlement Website | www.paymentcardsettlement.com |
Who Is Eligible for a Visa Mastercard Refund?
There are two main groups eligible for the refund:
- Businesses and Nonprofits: If your business or nonprofit organization accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2029, you could be eligible for a refund. This includes businesses that have since closed or declared bankruptcy.
- Consumers: If you paid ATM fees to specific banks like Bank of America, Wells Fargo, or JPMorgan Chase between 2007 and 2024, you could be entitled to a refund of up to $2,000.
How to File Your Claim for the Visa Mastercard Refund
To claim your refund, simply visit the official settlement website and fill out a claim form. You’ll need to provide supporting documentation, such as ATM receipts or bank statements showing the fees you paid. Submitting your claim as soon as possible will ensure you don’t miss the final deadline, which will be posted on the settlement website.
How Much Can You Get Back?
Your refund amount will depend on how much you paid in ATM fees, and the total number of people who submit claims. The $200 million settlement will be divided among all eligible claimants, meaning those who paid higher fees may receive larger refunds, while others will get smaller amounts.
Why You Should Act Fast
The process is straightforward, but it’s crucial to start early. Gather your proof, fill out the form carefully, and submit it before the deadline to maximize your chances of receiving a refund. Keep checking the official website for any updates, as many people will likely be filing claims for the settlement. Don’t wait until the last minute to submit your claim!
Frequently Asked Questions
1. Who is eligible for the Visa Mastercard settlement refund?
Eligible businesses and nonprofit organizations (2004–2029) and individuals who paid ATM fees to specific banks (Bank of America, Wells Fargo, JPMorgan Chase) are eligible.
2. How much can I receive from the Visa Mastercard settlement?
You could receive up to $2,000 depending on the fees you paid and the number of claims submitted.
3. What proof is needed to file a Visa Mastercard claim?
You’ll need ATM receipts or bank statements that show the fees you paid.