Justice takes its time, but it eventually arrives. If you’ve ever been charged more to withdraw cash from an ATM, you’re in luck! The hidden fees that have outraged us so many times now have legal ramifications for banks, and you could be one of the beneficiaries of this landmark agreement.
We will tell you everything you need to know in case you are lucky before the end of the year!
What happened?
Visa and Mastercard, the world’s two largest credit card companies, have reached a historic agreement that could benefit thousands of customers. This follows a class action lawsuit accusing both companies of charging excessive ATM fees.
What you’re reading! A class action lawsuit has been filed against them for charging fees to withdraw your own money from their ATMs. And now they’ll have to pay 197.5 million to the affected users.
Why is there this refund agreement?
A court has ruled that charging extra fees for using banks associated with Visa and Mastercard is illegal, despite the fact that these companies do not issue cards or set fees.
They have been accused of charging an unspecified amount of money for withdrawing money and paying with one’s own credit or debit card.
To avoid a lengthy trial, both companies have agreed to pay the aforementioned sum to those affected, despite not admitting any liability.
How will the funds be distributed?
The refund will not be split 50/50, with Visa contributing USD 104.6 million and Mastercard contributing USD 92.8 million.
For each consumer, it will be determined by the impact this event had on their personal finances during the time they were charged for these “extras.”
How do I know if I can claim a refund?
Not all users of both companies will be able to access these payments, but there are two main requirements:
- Having paid an unrefunded surcharge when using an ATM in the US with a Visa or Mastercard debit card between October 1, 2007 and July 26, 2024.
- The fee must have been charged by a bank in the Visa or Mastercard ATM network, such as JPMorgan Chase, Wells Fargo or Bank of America.
The agreement also defines who will not be eligible for this payment, and that is, if you have already received a previous refund for these fees or if your card was issued outside the United States, you will not be able to request this payment, but if you participated in previous agreements and received refunds, you could file a new claim for surcharges charged after those compensations!
Are there deadlines to apply for reimbursement?
Yes, put this on your calendar:
- Deadline to file a claim: January 22, 2025.
- Final hearing to approve the settlement: January 24, 2025.
Be sure to submit your application before the deadline to ensure your participation in the reimbursement!!
How can I apply for a claim?
Three easy steps await you to request your refund:
- Visit the official class action website.
- Complete the online form or download it to mail in.
- Provide your contact information and sign under oath that you paid excessive fees.
- Send the form to:
ATM Surcharge Settlement
PO Box 170500
Milwaukee, WI 5321
Although they don’t specify that they need additional information or proof, don’t rule out that you may be contacted to provide more information during the eligibility process.
Don’t miss this opportunity to receive money that has been illegally taken from you. Take advantage now and don’t miss out on the dates!
