Justice is slow, but it always comes. Have you ever been overcharged for withdrawing money from an ATM? Well, you’re in luck. The hidden fees that are so often hidden from us and outrage us now have legal consequences. For this reason, companies like Visa and Mastercard will reimburse more than 192 million dollars to their users.
What happened to Visa and Mastercard?
Visa and Mastercard, the two largest credit card companies worldwide, are in the news for a historic settlement that could benefit thousands of users. This comes after a class action lawsuit accused the companies of charging excessive ATM fees. As a result, they will now be forced to pay $197.5 million to those affected by their wrongdoing.
A court has ruled that it is illegal to charge extra fees for using Visa and Mastercard partner banks. And while these companies do not issue cards or set fees, they have been accused of charging an unspecified amount for withdrawing money and paying with their own debit or credit card.
So, in order to avoid a lengthy legal process, both companies decided to pay the amount to those affected. But, on the other hand, neither has admitted responsibility for the accusations (something very common in legal settlements of this type).
The distribution of the funds
The reimbursement amount will not be split 50/50, with Visa contributing $104.6 million and Mastercard $92.8 million. The amount that will be given to each consumer will depend on the impact this event has had on their personal finances during the time they were charged the extra fees.
How can I claim the refund?
It should be noted that not all Visa and Mastercard users will be able to claim the refund. To do so, two main conditions must be met, which are as follows:
- Having paid an unreimbursed surcharge when using an ATM in the United States with a credit or debit card from one of these companies between October 1, 2007 and July 26, 2024.
- The fee must have been charged by a bank in the Mastercard or Visa ATM network, such as JP Morgan Chase, Bank of America or Wells Fargo.
The agreement also defines who will not be eligible for this payment. That is, if you have already received a previous reimbursement for these fees or if your card was issued outside the United States, you will not be able to apply for this payment. But if you participated in previous settlements and received reimbursements, you may be able to file a new claim for surcharges collected after these offsets.
Another important thing to know is the deadline for claiming the refund. The settlement schedule states that the deadline to file a claim is January 22, 2025, while the final hearing to prove the settlement will be January 24, 2025. Be sure to submit your application before that date to ensure your share of the refund!
How to file a claim
- Visit the official class action website.
- Complete the online form or download it for mailing.
- Provide your personal contact information and sign under oath that you paid excessive fees.
- Mail the form to: ATM Surcharge Settlement – P.O. Box 170500 – Milwaukee, Wisconsin 5321-.
Finally, keep in mind that even if they do not specify that they need additional information or proof, do not rule out that they may contact you for more information during the eligibility process.
