Visa and Mastercard are offering a substantial $1797 direct payment to eligible cardholders as part of a huge $197.5 million settlement. This compensation addresses the inflated ATM fees charged over a span of nearly 17 years. If you are a Visa or Mastercard user who paid these fees between October 1, 2007, and July 26, 2024, you could be eligible to file a claim and receive a direct payment.
What is the $1797 Direct Payment About?
If you’re a Visa or Mastercard holder in the United States, you might be entitled to a $1797 payment, thanks to a settlement aimed at compensating consumers for unfair ATM access fees. These fees were imposed over a lengthy period, and this payout ensures that those impacted will get back what they were wrongly charged.
Key Details to Know:
- Settlement Amount: $197.5 million
- Eligibility Period: October 1, 2007 – July 26, 2024
- Deadline to File Claims: January 22, 2025
- How to Claim: Submit an online or mail-in form to the official settlement administrator
- Final Approval Hearing: January 24, 2025
This settlement provides relief for cardholders who may not even have realized they were paying excessive fees for ATM withdrawals. If you qualify, the process is simple, and the payout could be significant.
Why Are Visa and Mastercard Paying Cardholders?
The settlement arose due to a lawsuit against Visa and Mastercard, accusing them of violating federal antitrust laws. The case claims that the two companies unlawfully inflated ATM access fees, which were passed on to consumers using third-party ATMs. These inflated fees impacted millions of Americans and resulted in higher charges than what should have been applied.
The lawsuit was filed by consumer advocacy groups and individuals who argued that Visa and Mastercard collaborated with major banks like JPMorgan Chase, Wells Fargo, and Bank of America to keep fees artificially high.
A Brief Look at the Antitrust Allegations:
The lawsuit suggests that Visa and Mastercard engaged in anticompetitive practices, such as restricting independent ATM operators from charging lower fees. This limited competition, which led to high fees, especially for cardholders who relied on ATMs outside their bank’s network. The settlement is designed to compensate affected individuals and businesses for these overcharges.
Who is Eligible for the $1797 Direct Payment?
You may be eligible for compensation if:
- You used a Visa or Mastercard to withdraw cash from an ATM and paid unreimbursed ATM access fees.
- The transaction occurred between October 1, 2007, and July 26, 2024.
- You used an ATM that was part of the Visa or Mastercard network.
For Those Who’ve Already Filed Claims: If you’ve filed claims for similar settlements in the past, you will automatically be considered for this payout. This simplifies the process for people who have already participated in similar legal actions, so they don’t miss out on this new compensation.
Important Reminder: Keep your contact details updated to receive important information about the settlement.
How to File a Claim for the $1797 Payment
Filing a claim is simple and can be done in two ways:
- Online Submission:
- Visit the official settlement website.
- Fill out the claim form with necessary details like your card usage history and transaction dates.
- There is no need to submit proof right away, but keep any transaction records you have.
- Mail Submission:
- Download the claim form from the official website.
- Complete it and mail it to:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
Claim Deadline: January 22, 2025.
Important Tips for Filing Your Claim:
- Check Details Carefully: Ensure all the information on your form is correct.
- Retain Copies: Keep a copy of your claim form for your own records.
- Monitor for Updates: Check the official website regularly for updates or requests for further documentation.
How Are Payments Determined?
The amount you receive will depend on several factors:
- Number of Claims: The more claims submitted, the smaller the payout for each individual.
- Amount of Fees Paid: If you paid higher ATM fees, you may receive a larger payout.
- Accuracy of Your Claim: Submitting accurate information will ensure that your claim is processed without issues.
The settlement administrator will calculate each payment based on the total claims submitted. This ensures a fair distribution of the $197.5 million settlement fund.
Additional Information on Stimulus Payments and Eligibility
Along with the $1797 payment, there are other important updates regarding stimulus payments. Some taxpayers may be eligible for up to $1400 in payments from the IRS. Be sure to check the eligibility criteria for additional financial support.
FAQs About the $1797 Direct Payment
- What Are Unreimbursed ATM Fees? These are fees charged when you use an ATM and are not refunded by your card issuer. They usually range from $2 to $5 per transaction.
- Do I Need Proof of Transactions? Not immediately. While you can file a claim without documentation, it’s a good idea to keep your ATM receipts or bank statements in case further proof is required.
- Is This Settlement Legitimate? Yes, this settlement has been approved by the court and is managed by an official administrator. You can verify this by visiting the official website.
- Can Businesses File Claims? Yes, businesses that incurred ATM fees using Visa or Mastercard are also eligible. Be sure to provide the necessary details about business-related transactions.
- What Happens If I Miss the Deadline? Late claims won’t be accepted. Make sure to file before the January 22, 2025 deadline to ensure your eligibility.
Maximizing Your Claim
To make sure you get the maximum amount you’re entitled to:
- File Early: Filing early reduces the chances of errors or delays.
- Keep Documentation: Having transaction records will help if you need to provide proof later.
- Stay Informed: Regularly check the official website for updates on the claims process.
- Spread the Word: Let friends and family know about this opportunity. More people aware of it will help the claims process overall.
Why It’s Important
Settlements like this help hold large corporations accountable for unfair business practices. Participating in such actions not only helps you get compensation but also helps ensure a fairer system for consumers everywhere.
Disclaimer – Our team has carefully fact-checked this article to make sure it’s accurate and free from any misinformation. We’re dedicated to keeping our content honest and reliable for our readers.
