In 2025, Visa and MasterCard agreed to a significant $200 million settlement in response to a class action lawsuit accusing them of unlawfully imposing inflated ATM surcharge fees. The lawsuit, which spans transactions from 2007 to 2024, claims that Visa and MasterCard collaborated with major banks like JPMorgan Chase, Wells Fargo, and Bank of America to enforce these excessive fees, causing financial harm to millions of consumers. As part of the settlement, eligible consumers can claim up to $2,000 in refunds. This settlement marks an important victory for consumers and highlights the importance of fair practices in the banking sector.
What Was the Visa and Mastercard ATM Fee Lawsuit About?
A major class action lawsuit has resulted in a settlement between Visa, MasterCard, and consumers who were affected by excessive ATM withdrawal fees. The lawsuit alleged that Visa and MasterCard, in collaboration with major banks like JPMorgan Chase, Wells Fargo, and Bank of America, applied unjustified surcharges to ATM transactions, even for standard withdrawals. These surcharges were said to violate antitrust regulations and inflate the costs for consumers.
Following the court’s ruling, both companies were required to compensate affected individuals and revise their fee practices to prevent further violations.
Who Is Eligible for the Refund?
Consumers who meet the following criteria are eligible for a refund under the class action settlement:
| Criteria | Details |
|---|---|
| Eligible Period | From October 1, 2007 to July 26, 2024 |
| Card Networks | Visa, MasterCard |
| Surcharge Requirement | Paid a non-refundable ATM surcharge |
| Participating Banks | JPMorgan Chase, Wells Fargo, Bank of America |
| Refund Maximum | Up to $2,000 per eligible individual |
If you have paid an ATM surcharge that was non-refundable during the eligible period, you may qualify for a refund.
How to File a Claim for Your Refund
To claim your refund, follow these steps:
-
Confirm Eligibility: Visit the official ATM Recharge Settlement portal to verify if you’re eligible.
-
Complete the Claim Form: Fill out the claim form online or download a physical version from the website.
-
Provide Proof: Attach supporting documents like bank statements, receipts, or other proof of surcharge payments.
-
Submit Your Claim: Ensure that your claim is submitted on time. Check the official website for the deadline.
Make sure to provide accurate details for a smooth claim process.
How Are Refund Amounts Determined?
While the settlement fund includes up to $2,000 per eligible claimant, the actual amount you receive will depend on several factors:
-
Number of Claims Filed: If more claims are submitted than expected, the fund will be divided accordingly, and the payout may be reduced for each claimant.
-
Amount of Surcharge Paid: Individuals who withdrew more frequently or paid higher fees may be eligible for higher refunds.
-
Supporting Documents: Submitting strong evidence, such as detailed receipts, will increase the chances of receiving the full refund amount.
Why Is This Settlement Significant?
This settlement is a significant reminder to financial institutions about the importance of transparent fee practices. It emphasizes consumer rights and the need for oversight in financial transactions to protect consumers from hidden charges and unfair practices.
Consumers are encouraged to review their ATM transaction records, file their claims by the deadline, and be vigilant about future banking fees. This settlement shows how collective legal action can hold major financial institutions accountable for unethical practices and secure compensation for affected consumers.
FAQs
Who is eligible for a refund in the Visa-Mastercard settlement?
To be eligible, consumers must have used Visa or MasterCard cards to make ATM withdrawals and paid non-refundable surcharge fees between October 1, 2007 and July 26, 2024.
How do I file a claim for the Visa-Mastercard settlement?
Eligible consumers can file a claim by visiting the ATM Recharge Settlement portal. There, they can complete an online claim form or download a physical form. Supporting documents such as bank statements showing surcharge fees are required.
How much will I receive from the Visa-Mastercard settlement?
Refund amounts will vary based on the number of claims filed, the frequency of surcharge fees paid, and the quality of supporting documentation. The maximum refund per consumer is $2,000.
What is the deadline for submitting my claim?
The deadline for filing a claim will be announced on the official settlement website. Be sure to submit your claim before the deadline to ensure eligibility for compensation.
Click here to know more.
Aanchal is a passionate writer with a keen interest in storytelling, content creation, and creative expression. She enjoys exploring diverse topics and crafting engaging narratives that captivate readers.