Three Major Banks Reach $67M Settlement for ATM Surcharges
If you have used an ATM card to withdraw money over the last 14 years, you could be eligible to get a rebate from a $67 million settlement from three major banks. JPMorgan & Chase, Wells Fargo, and and Bank of America deny these allegations and the court has not decided who is right.
A class action lawsuit was brought on behalf of ATM cardholders who used a bank ATM owned by an entity different from the entity that issued the ATM card and were assessed an ATM surcharge. The lawsuit alleges that defendants violated federal antitrust laws by participating in an unlawful agreement that allegedly had the effect of increasing the amount of ATM surcharges paid by class members.
The Settling Defendants will collectively pay approximately $67,000,000—Bank of America ($26,420,000), Wells Fargo ($20,820,000), and JP Morgan ($19,500,000)—into a Settlement Fund.
While these three banks have settled, the lawsuit is continuing against the remaining defendants, which are Visa, Mastercard, and NB Holdings.
Are You Eligible
You are a Settlement Class Member, and you are affected by these Settlements, if you are:
- An individual or entity that paid an unreimbursed ATM Access Fee directly to any Bank Defendant or Bank Co-Conspirator for a Foreign ATM Transaction using an ATM card issued by a financial institution in the United States to withdraw cash at an ATM located in the United States at any time from October 1, 2007 to the date of the Preliminary Approval Order, which was on November 12, 2021.
How to File a Claim
If you are eligible, you must file a timely, valid claim in order to receive monetary compensation. Each claim will be eligible to receive a pro rata share of the Net Settlement Fund, after deductions for attorneys’ fees, litigation costs, and other Court-approved expenses, based on the number of claims that are submitted.
Because the amount of each payment depends on the number of approved claims, nobody can know in advance how much the payment will be.
You can fill out a Claim Form online at www.ATMClassAction.com. To be eligible for payment, Claim Forms must be submitted electronically or postmarked no later.
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