Justice is slow but it comes. If you have ever been charged more when withdrawing cash from an ATM, you are in luck! The hidden fees that have outraged us so many times now have legal consequences for banks, and you could be one of the beneficiaries of this historic agreement. We are going to tell you now what you need to know in case you are in luck before the end of the year!
What happened?
Visa and Mastercard, the two largest credit card companies worldwide, are at the centre of a historic agreement that could benefit thousands of consumers. This comes after a class action lawsuit accused both companies of charging excessive fees at ATMs. What you read! A class action lawsuit has denounced them for charging fees for withdrawing your own money from their ATMs. And now they will be forced to pay 197.5 million to the affected users
Why is there this refund agreement?
A court has ruled it illegal to charge extra fees for using banks associated with Visa and Mastercard, which, although these companies do not issue cards or set fees, have been accused of charging an unspecified amount of money for withdrawing money and paying with one’s own credit or debit card.
So, to avoid a trial that would be too long, both companies have agreed to pay the aforementioned sum to those affected, although they have not admitted any liability (something very common in this type of legal agreement).
How will the funds be distributed?
The amount of the refund will not be split 50-50, but Visa will contribute USD 104.6 million and Mastercard will contribute USD 92.8 million.
For each consumer, it will depend on the rates this event has had on their personal finances during the period of 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!