Great news for Visa and Mastercard users! A monumental $192 million settlement is underway, and it could mean cash refunds for millions of affected cardholders. This settlement stems from a class-action lawsuit that accused the credit card giants of unfairly raising ATM fees, leaving consumers and retailers with unexpected financial burdens.
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If you’ve been impacted, you might qualify for a refund. Here’s everything you need to know about the settlement, eligibility criteria, and how to claim your reimbursement.
1. What’s Behind the Settlement?
The $192 million settlement addresses claims that Visa and Mastercard facilitated unfair fee hikes on ATM transactions in the U.S. Although neither company directly sets fees or issues cards, banks within their networks allegedly charged extra ATM fees without clearly disclosing them to consumers.
- Settlement Breakdown:
- Visa: $104.6 million
- Mastercard: $92.8 million
These fees affected both cardholders and retailers, leading to higher transaction costs. While Visa and Mastercard have not admitted to any wrongdoing (a common clause in such settlements), they’ve agreed to pay the settlement amount to resolve the dispute.
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2. Who Qualifies for a Refund?
Not everyone who paid ATM fees is eligible for a refund. Here’s a breakdown of who qualifies:
You May Be Eligible If:
- You paid an unreimbursed ATM surcharge using a Visa or Mastercard debit card between October 1, 2007, and July 26, 2024.
- The surcharge was imposed by a U.S.-based bank within the Visa or Mastercard ATM network (e.g., JPMorgan Chase, Wells Fargo, Bank of America).
You Are Not Eligible If:
- You’ve already received a refund for the same ATM fees in a previous settlement.
- Your debit card was issued outside the United States.
If you participated in another settlement for ATM fee-related claims but incurred additional surcharges afterward, you’ll need to submit a new claim to be considered for this refund.
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3. How Will Refunds Be Distributed?
The settlement funds will be distributed based on the extent of the excessive ATM fees you paid. While the exact refund amounts will vary, the distribution ensures fairness based on individual claims and supporting evidence.
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4. How to File Your Claim
Filing for reimbursement is simple and doesn’t require extensive documentation upfront. Follow these steps to ensure your claim is submitted correctly:
- Visit the Official Class Action Website:
- Access the claim form online or download it for mail submission.
- Complete the Claim Form:
- Provide your contact information.
- Sign a legally binding statement under oath confirming that you paid excessive surcharges. Be honest—this is a legal document.
- Submit Your Claim:
- Mail the completed form to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
- Mail the completed form to:
- Additional Documentation:
- While you don’t need to submit proof immediately, the claims administrator may request evidence later in the process.
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5. Key Deadlines to Remember
- Claim Submission Deadline: January 22, 2025
- Ensure your claim form is completed and submitted by this date to be eligible for reimbursement.
- Final Approval Hearing: January 24, 2025
- The court will review the settlement to ensure it’s fair, reasonable, and adequate for all parties.
6. Why This Settlement Matters
This settlement is a significant win for cardholders, addressing years of excessive fees and lack of transparency. It also serves as a reminder of the importance of consumer rights and the power of collective legal action.
If you’ve used a Visa or Mastercard debit card for ATM transactions in the U.S. during the eligibility period, this could be your chance to reclaim funds that were unfairly taken.
Conclusion: Take Action Now
Don’t miss out on your opportunity to receive a refund. Check if you qualify, file your claim before the deadline, and stay informed about the settlement’s progress. This $192 million resolution is a step toward fairness for cardholders across the country.
Stay vigilant, submit your claim, and ensure you get the refund you deserve!
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