Tracking the charges made during a statement cycle allows many banks to reimburse their customers for ATM fees directly back into their accounts. Visa and Mastercard agreed to pay a $197.5 million ATM Surcharge Settlement to cover claims they imposed unlawful surcharges on ATM transactions.
ATM Surcharge Settlement
Agreeing to pay $197.5 million to resolve a class action lawsuit claiming they broke the federal antitrust rules by using constraints that raised ATM rates, Visa and Mastercard. The plaintiffs in the ATM class action case alleged banks and ATM networks coordinated to levy illegal fees on ATM transactions.
Payment would be given to any person who paid an unreimbursed ATM access charge straight to JP Morgan, Wells Fargo, Bank of America, or banks connected with the Visa and Mastercard ATM networks from October 1, 2007, until July 26, 2024.
The deadline for exclusion and objection is November 22, 2024. The final meeting for contract approval is scheduled for January 23, 2025. In order to receive their ATM Surcharge Settlement pay-back, class members must submit a current claim form by January 22, 2025.
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ATM Surcharge Settlement Amount
Visa and Mastercard are set to pay a total of $197.5 million to settle a historic class action lawsuit in the USA related to charges of price fixing for ATM fees. Visa and Mastercards are digital payments.
Already agreeing to pay settlements of $67 million, JP Morgan Chase, Wells Fargo, and Bank of America covered their responsibility in the litigation. To meet the charges leveled by them, Visa and Mastercard have agreed to additional payments To generate a $197.5 million settlement fund altogether, Visa will contribute $104.675 million and Mastercard $92.825 million.
Class members may receive a cash reimbursement under the terms of the ATM fee settlement depending on the ATM surcharges they paid during the class period. At this time, no payment estimations are provided. Class members who paid extra surcharges after their first claim may file another claim form reflecting these more recent expenses.
How to Claim for ATM Surcharge Settlement?
Use these guidelines to file a claim for a settlement of ATM surcharges:
- Check if using an ATM that charges out-of-network costs during the litigation period qualifies you for the compensation.
- Visit the official settlement page at https://www.atmclassaction.com/.
- Either online or by mail, complete the claim form including information on your name, phone number, and pertinent transaction history.
- You may have to provide records such as bank statements proving surcharge costs within the qualified period.
- Compensation will be distributed after the claim is handled often by cheque or direct transfer.
ATM Surcharge Settlement Eligibility
Between October 1, 2007, and July 26, 2024, individuals and businesses paying an unreimbursed ATM access charge directly to JP Morgan, Wells Fargo, Bank of America, or banks affiliated with Visa and Mastercard ATM networks A share of the settlement may be available for current and past Visa and Mastercard debit and credit card users.
They might have additionally paid the charge to banks either active members of the Visa and/or Mastercard ATM networks or otherwise. On Wednesday, the plaintiffs’ attorneys disclosed the suggested settlement in a petition to a Washington DC federal court. Consumers who withdrew money from bank-run automated teller machines since 2007 are part of the settlement.
Two additional comparable class cases involving people who used non-bank ATMs and firms running independent ATMs linger in the D.C. federal court. The proposed arrangement calls for court approval. Not one defendant has admitted any wrongdoing.
Visa and Mastercard are also defendants in a prolonged legal action before a Brooklyn federal court over claims they overcharged stores and others in transactions using debit and credit cards.
ATM Surcharge Settlement Benefits
The ATM surcharge settlement benefits customers in many ways.
- Qualified consumers might be compensated for out-of-network ATM surcharges paid during the settlement period.
- Reducing ATM prices will enable consumers to better understand and avoid charges.
- The settlement might inhibit anti-competitive activity between banks and ATM networks, therefore supporting more fair charging practices.
- Some banks have adjusted their pricing strategies to eliminate fees or provide access to free ATMs.