In a significant development for Visa and Mastercard users, these two major credit card companies are working on a settlement that could provide financial relief to millions of customers. This settlement stems from a class-action lawsuit that accused Visa and Mastercard of unfairly raising ATM transaction fees. If you were affected by these excessive charges, you might be eligible for a refund. Here’s everything you need to know about the refund process and how you can apply for it.

How Will the Refund Be Distributed?

The class-action lawsuit, which involved complaints about high ATM fees, has resulted in a massive $197.5 million settlement. This amount will be distributed among consumers who qualify, based on how much they were impacted by the excessive fees.

Although Visa and Mastercard don’t directly issue cards or set the fees, the banks that work with these companies charged extra fees for using ATMs and making card payments. These additional charges were not clearly communicated to consumers in their contracts, leading to higher-than-expected costs for withdrawals. Retailers also saw increased fees for processing card payments. Although neither Visa nor Mastercard has admitted to any wrongdoing, those who have been affected by these excessive charges can now apply for a refund, provided they meet the settlement’s criteria.

Who Is Eligible for the Visa and Mastercard Refund?

To determine if you qualify, you’ll need to check the settlement’s eligibility criteria. Here’s who can apply for a refund:

You may qualify if:

• You paid an unreimbursed surcharge for using an ATM in the U.S. with a Visa or Mastercard debit card between October 1, 2007, and July 26, 2024.
• The surcharge was charged by a bank within the Visa or Mastercard ATM network, including major banks like JPMorgan Chase, Wells Fargo, or Bank of America.

You do not qualify if:

• You have already received a refund for your ATM fees.

It’s important to note that if you were previously part of another ATM fee-related settlement and received a refund, you will still need to submit a new claim to qualify for any additional refunds for fees collected since then.

How to File a Claim for Your Refund

If you believe you’re eligible for the refund, filing a claim is simple and straightforward. You won’t need supporting documents upfront, but you will need to follow these steps to submit your claim:

1. Visit the Official Website: Go to the class-action settlement website.
2. Complete the Claim Form: You can either fill out the claim form online or download and mail the completed form to the following address:ATM Surcharge Settlement P.O. Box 170500 Milwaukee, WI 53217
3. Provide Your Contact Information: Include your full name, address, and email address.
4. Sign Under Oath: You’ll need to sign a statement under oath confirming that you paid excessive surcharges. This is a legally binding document, so make sure all the information you provide is accurate.

While no documentation is required immediately, the claims administrator may ask for additional evidence during the claim process.

Key Deadlines to Keep in Mind

There are a couple of important dates you should remember if you want to claim your refund:

• Claim Deadline: Be sure to submit your claim by January 22, 2025. This is the final day to file your claim and be considered for a refund.
• Final Approval Hearing: On January 24, 2025, the court will hold a final approval hearing to review the settlement. During this hearing, the court will determine whether the settlement meets legal standards and if it’s fair for all parties involved.

Make sure to file your claim on time to ensure you are eligible for a refund.

Conclusion

If you’ve been affected by excessive ATM fees charged by Visa and Mastercard, this settlement offers a valuable opportunity to claim a refund. The $192 million refund pool is available to eligible consumers who meet the criteria outlined in the settlement. By following the simple steps outlined in this article and keeping an eye on important deadlines, you can ensure that you receive your share of the refund.