Visa and Mastercard are set to distribute a $1797 payment to eligible users as part of a $197.5 million settlement over inflated ATM fees. Cardholders who paid unreimbursed ATM fees between 2007 and 2024 can file claims until January 22, 2025.
$1797 Payment in January 2025:
Key Details:
- Settlement Amount: $197.5 million
- Eligibility Period: October 1, 2007 – July 26, 2024
- Claim Deadline: January 22, 2025
- Claim Submission: Submit online or by mail to the official settlement administrator
- Final Approval Hearing: January 24, 2025
- Official Website: Visit the website to file claims and find detailed information
This $1797 payment is a welcome opportunity for many Americans who have unknowingly overpaid ATM fees over the years. This settlement ensures that users are fairly compensated for excessive charges, which had a significant impact on those who relied on third-party ATMs.
Why Are Visa and Mastercard Paying Cardholders?
The $197.5 million settlement stems from allegations that Visa and Mastercard unlawfully inflated ATM access fees, violating federal antitrust laws. These fees, which impacted millions of Americans, were particularly burdensome for individuals using third-party ATMs. This settlement aims to compensate affected cardholders for overpayments made over a span of nearly 17 years.
The Lawsuit and Antitrust Allegations
Consumer advocacy groups and individuals filed the lawsuit, arguing that Visa and Mastercard collaborated with major banks to maintain artificially high ATM fees. Banks such as JPMorgan Chase, Wells Fargo, and Bank of America were involved in these practices. The lawsuit highlights how Visa and Mastercard’s actions restricted competition in the ATM network, preventing independent operators from offering lower fees. As a result, the lack of competition kept ATM fees high, impacting millions of consumers who relied on cash withdrawals.
Who Is Eligible for the $1797 Payment?
You may qualify for compensation if:
- You used a Visa or Mastercard to withdraw cash and paid unreimbursed ATM fees.
- Your transactions took place between October 1, 2007, and July 26, 2024.
- The ATM was part of the Visa or Mastercard network.
Important Note: If you have already filed claims in related cases, you will automatically be considered for this settlement, simplifying the process for you.
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How to File a Claim
You can file a claim in two ways:
- Online Submission:
- Visit the official settlement website.
- Complete the claim form with your personal details and card usage information.
- While you don’t need to provide proof initially, it’s helpful to keep any supporting documentation.
- Mail Submission:
- Download the claim form from the official website.
- Fill it out and mail it to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
Ensure that all claims are submitted by January 22, 2025.
Tips for Filing Your Claim:
- Check Accuracy: Make sure all the information on your form is correct.
- Keep Copies: Retain a copy of your completed claim form.
- Stay Updated: Regularly check the official website for updates or further instructions.
What Determines Your Payment?
The payment amount you receive will depend on several factors:
- Number of Claims Filed: The more claims that are filed, the smaller each individual payout will be.
- Fees Paid: Those who paid higher ATM fees may be entitled to a larger payout.
- Claim Accuracy: Submitting accurate details ensures your claim is processed without delay.
The final amount each claimant will receive is calculated based on their share of the total fees paid, relative to the total number of claims.
Frequently Asked Questions (FAQs)
- What Are Unreimbursed ATM Fees? These are fees charged by ATM operators for cash withdrawals, which were not reimbursed by your bank or card issuer. They typically range between $2 and $5 per transaction.
- Do I Need Proof of Transactions? Not at first, but it’s helpful to keep records, such as bank statements or receipts, in case the settlement administrator requests proof later.
- Is the Settlement Valid? Yes, the settlement has been approved by the court and is overseen by a trusted administrator. You can verify the legitimacy of the settlement by visiting the official website.
- Can Businesses File Claims? Yes, businesses that paid unreimbursed ATM fees using Visa or Mastercard are also eligible to file claims.
- What If I Miss the Deadline? Late claims will not be accepted. Be sure to submit your claim by the January 22, 2025 deadline.
Maximizing Your Claim
To ensure you receive the full amount you are entitled to:
- File Early: Submitting your claim early reduces the chance of mistakes or delays.
- Keep Records: While documentation isn’t required upfront, having it on hand can strengthen your claim.
- Stay Informed: Regularly check the official website for any updates or additional information.
- Spread the Word: Inform others who may also be eligible for compensation.
Why This Matters
Class action settlements like this are essential for holding corporations accountable for unfair business practices. By filing a claim, you not only receive compensation but also contribute to a fairer financial system for all consumers.