If you’ve ever been charged extra fees while using an ATM, you might be in for some good news. Visa and Mastercard have agreed to a settlement of $192 million to refund users who were charged excessive ATM fees. This historic settlement could benefit thousands of users, and here’s everything you need to know about claiming your share.
Why Are Visa and Mastercard Issuing Refunds?
Visa and Mastercard, the world’s two largest credit card companies, have been accused of charging unnecessary fees when users withdrew money from ATMs in their networks. A class-action lawsuit claimed these charges were unfair and illegal. Instead of going through a lengthy trial, the companies agreed to settle the case by paying $192 million to affected users, although they have not admitted any wrongdoing.
How Will the Refund Be Split?
The $192 million will not be split evenly between Visa and Mastercard:
- Visa will pay $104.6 million.
- Mastercard will pay $92.8 million.
Each user’s refund amount will depend on the total fees they were charged during the period covered by the settlement.
Who Can Claim a Refund?
Not all Visa and Mastercard users are eligible for this refund. To qualify, you must meet these two conditions:
- You paid an unrefunded surcharge while using a Visa or Mastercard debit card at an ATM in the U.S. between October 1, 2007, and July 26, 2024.
- The fee was charged by a bank in the Visa or Mastercard ATM network, such as JPMorgan Chase, Wells Fargo, or Bank of America.
Who is NOT eligible?
- Users who have already received a refund for these fees.
- Users whose cards were issued outside the U.S.
However, if you previously received a refund for charges before July 26, 2024, you may still be able to claim a refund for fees charged after that date.
How to Apply for Your Refund?
If you think you’re eligible, follow these three simple steps to file your claim:
- Visit the official settlement website.
You’ll find all the necessary information and forms there. - Fill out the form.
Complete the online form or download it to mail in. Provide your contact information and sign to confirm that you paid excessive fees. - Send your application.
Mail your completed form to:
ATM Surcharge Settlement
PO Box 170500
Milwaukee, WI 53217
Important: While no additional proof is required during the initial claim process, you may be asked for more information later to verify your eligibility.
Deadlines to Remember
Make sure you don’t miss the following important dates:
- Claim Filing Deadline: January 22, 2025.
- Final Settlement Hearing: January 24, 2025.
To avoid missing out, submit your claim before the deadline.
Why This Settlement Matters
This agreement is a significant step toward holding large corporations accountable for hidden fees. It also highlights the importance of protecting consumers from unfair practices.
- Justice for Consumers: The settlement ensures affected users are compensated for unfair charges.
- Financial Relief: The refunds could help individuals recover money that was wrongly taken.
- Accountability: It sends a clear message to financial institutions about fair practices.
What to Do Next?
If you believe you qualify for the refund, don’t wait. Submit your claim before the deadline, and stay updated by checking the official settlement website regularly. This is your chance to reclaim money that was unfairly taken from you. Don’t miss out!
