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Lawsuit/Settlement

Visa and Mastercard Will Pay $198 Million Over ATM Fees

DDG
DDG

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a person using a credit card to insert a card into an atm

Visa and Mastercard Will Pay $198 Million Over ATM Fees

Visa and Mastercard will pay $197.5 million in a preliminary settlement with ATM customers who have accused the two companies of fixing ATM fees.

Litigation has been ongoing for more than a decade and it follows a similar $66.7 million settlement by Chase, Wells Fargo and Bank of America in 2021.

The companies were first accused in 2011 of fixing ATM prices and suppressing competition from other ATM companies. Separate cases from ATM owners and others are still pending.

The agreement also comes after the US Supreme Court last month denied a request to review class certification in the case.

Reuters reports that Visa will pay $104.6 million and Mastercard will pay $92.8 million. The deal still requires court approval.

The settlement sum will be shared by 175 million to 215 million people which are believed to be in the settlement class. It covers anyone who used an ATM in the US from October 2007 to the time the settlement is approved. That’s about $1 per person at best, but probably less after lawyer fees.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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DDG
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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