$197.5M ATM Settlement Claims Open for Cardholders

Company
Visa & Mastercard

Why
ATM surcharges

Total Settlement Amount
$197.5M

Maximum Individual Claimant Award
Varies

Claim Deadline
January 22, 2025

A massive ATM class action settlement worth $197.5 million has been reached with Visa and Mastercard, offering potential compensation for millions of cardholders. This ATM lawsuit specifically addresses claims that these companies violated federal antitrust laws, including the Sherman Antitrust Act, by inflating ATM access fees. We've found that between 175 million and 215 million consumers who paid ATM surcharges between October 1, 2007, and July 26, 2024, might be eligible for compensation as class members. In addition to the Visa lawsuit and Mastercard class action settlement, a previous $66 million settlement with major banks brings the total settlement amount to $264.24 million. We'll guide you through everything you need to know about this significant ATM surcharge class action, including ATM class action eligibility requirements and how to claim settlement money before the January 22, 2025 deadline.

Understanding the ATM Class Action Lawsuit

The origins of this significant ATM transaction fee lawsuit trace back to October 2011, when three parallel class action lawsuits were filed. Initially, the primary case, known as Mackmin v. Visa Inc., challenged the practices of major financial institutions regarding ATM surcharges in a landmark case of banking litigation.

We found that the lawsuit centers on serious allegations against Visa, Mastercard, and their member banks. The key claims in this ATM surcharge lawsuit include:

• Implementing rules that limited merchants from steering customers to other payment methods

• Setting interchange fees and swipe fees at artificially high levels

• Enforcing no-surcharge and honor-all-cards rules that restricted competition

Furthermore, the lawsuit alleges these practices effectively insulated Visa and Mastercard from competitive pressure to lower their fees, violating consumer rights in banking. Subsequently, several major financial institutions, including JP Morgan Chase, Wells Fargo, and Bank of America, agreed to financial institution settlements totaling $66 million to resolve their liability.

The case is currently being overseen by Judge Richard J. Leon of the United States District Court for the District of Columbia. Consequently, while the defendants maintain their innocence and deny all allegations, they have agreed to settle rather than proceed with costly litigation.

ATM Settlement Eligibility Requirements

Let's examine who qualifies for compensation under this ATM class action payout. According to the settlement terms, cardholders must meet specific criteria to be eligible for payment from the settlement fund.

Here are the primary ATM class action eligibility requirements:

• You must have paid an unreimbursed ATM access fee to withdraw cash from bank ATMs in the United States between October 1, 2007, and July 26, 2024

• The fee must have been charged by a bank within the Visa or Mastercard ATM networks

• The ATM surcharge must not have been previously reimbursed as an ATM fee refund

Moreover, if you participated in previous ATM settlements, you are automatically eligible for compensation based on your earlier claim. Notably, if you've paid additional unreimbursed ATM surcharges after submitting your previous claim, you must file an updated claim by January 22, 2025.

Accordingly, certain groups are excluded from the settlement. Particularly, cardholders whose debit cards were issued by financial institutions outside the United States cannot participate. Additionally, those whose ATM transactions were already reimbursed are not eligible for compensation.

For first-time claimants who have never filed in previous settlements, it's essential to submit a claim form no later than January 22, 2025. The claim form requires you to state under oath that you were assessed these ATM surcharges, serving as proof of purchase.