There has been some recent news in the world of finance that is cause for celebration for many Visa and Mastercard users. A recent court ruling in the United States has ordered these two giant payment processing companies to reimburse a total of 197 million dollars to their customers. The reason? Illegal additional charges levied when withdrawing cash from ATMs. The banks have been able to do as they please for a long time, but the judicial authorities have taken action.
Who can receive a refund?
The refund is aimed at Visa and Mastercard users who withdrew cash from ATMs in the United States between October 1, 2007 and July 2024. These ATMs are those operated by banks such as JPMorgan Chase, Wells Fargo or Bank. According to the ruling, the surcharges were applied without valid justification, affecting the finances of millions of users. If you carried out any of these transactions, you may be eligible to receive a share of this fund.
Although the exact amount of the individual reimbursement will depend on the number of claims and the total amount of the illegal fees charged, it is estimated that each eligible user could receive a direct payment of up to $1,797. This is undoubtedly good news that will ease the burden on many people’s pockets, and it is somewhat surprising, since no one in their right mind can think that the banks are going to lose any litigation.
How can you request a refund of $1,797 from Visa and Mastercard?
Before proceeding with the claim process, it is important to be aware that you will not be able to request a refund if you have already received it, or if the card was issued outside the United States. Those who meet the requirements should follow these steps:
- Go to the official website of ATM Recharge Settlement.
- Complete the online claim form or download it and send it by post.
- Add contact details and a sworn statement indicating that the excessive top-ups were paid (do not falsify data, as it will be recorded).
- Comply with the stipulated dates (the claim submission period may have already expired, but keep an eye out for possible extensions).
This ruling sets a precedent and puts the banks in the spotlight. Ordinary citizens now have a ruling to fall back on when they feel they have been wronged by these institutions. However important these companies may be, and they are important, they cannot act with impunity.
