In this news article, we look at a significant decision by a prominent US court that ordered Visa and Mastercard, the world’s two largest payment processors, to refund a total of $197 million to customers who were incorrectly and illegally charged additional fees.
This ruling requires direct payments of $1,797 to individuals who meet the specified criteria. Confirmed: A new government payment of $725 is available to families who meet certain requirements.
The court clarified that the additional fees imposed on customers who withdraw cash from ATMs in the United States were illegal.
As part of the settlement, Mastercard will refund USD 92.8 million and Visa will reimburse USD 104.6 million.
Visa and Mastercard will be providing refunds to their customers
The fees in question applied to transactions made at ATMs operated by banks such as JPMorgan Chase, Wells Fargo, or Bank of America between October 1, 2007, and July 26, 2024. According to the ruling, these surcharges were applied without valid justification, significantly affecting the finances of millions of users, using the following criteria:
- Transaction Period: October 1, 2007 – July 26, 2024
- Impacted ATM Operators: JPMorgan Chase, Wells Fargo, Bank of America
- Total Refund Amount: $197 million
- Mastercard’s Refund: $92.8 million
- Visa’s Refund: $104.6 million
Requirements for Claiming the Visa and Mastercard Refund
If you’re interested in claiming the USD 1,797 refund, there are specific criteria you need to meet:
- You must have used a Visa or Mastercard debit card at an ATM in the United States and paid a non-refundable surcharge during the specified period (2007-2024).
- These transactions should have been conducted at ATMs within networks such as JPMorgan Chase, Wells Fargo, or Bank of America.
It’s important to note that not all cardholders will receive this refund. Only those who meet the established criteria will be eligible for the benefit.
How to Request the $1,797 Refund from Visa and Mastercard
If you qualify, follow these steps to claim your refund:
- Visit the official class action lawsuit website. The designated portal for the settlement is ATM Recharge Settlement.
- Complete the claim form online or download it and send it via mail.
- Provide accurate information. Include your contact details and a sworn statement indicating that you paid the excessive surcharges.
- Adhere to the deadlines.
While additional proof is not initially required, the claim administrator might request documentation later on.
