In a major class action lawsuit outcome, Visa and MasterCard have agreed to a $200 million settlement after being accused of unlawfully inflating ATM withdrawal fees from 2007 to 2024. If you were charged non-refundable ATM surcharges during this period while using cards from JPMorgan Chase, Wells Fargo, or Bank of America, you may be eligible for a refund of up to $2,000.
This settlement not only compensates affected consumers but also holds major financial institutions accountable for non-transparent and anti-competitive practices.
Key Highlights of the ATM Fee Settlement
• Settlement Amount: $200 million
• Visa’s Share: $104.6 million
• MasterCard’s Share: $92.8 million
• Eligible Period: October 1, 2007 – July 26, 2024
• Maximum Refund: Up to $2,000 per individual
• Banks Involved: JPMorgan Chase, Wells Fargo, Bank of America
• Claim Website: (To be announced)
• Claim Deadline: Coming Soon (To be published on the official website)
What Was the Visa & MasterCard ATM Fee Lawsuit About?
The lawsuit alleged that Visa and MasterCard conspired with major banks to enforce inflated ATM surcharge fees, violating U.S. antitrust laws. These fees were applied even for basic transactions and often without proper disclosure, leading to higher costs for millions of consumers.
Key accusations included:
• Price-fixing on ATM fees
• Restricting competition in the ATM network space
• Lack of transparency in fee disclosures
The court found that these practices unfairly burdened consumers and ordered both card companies to revise their fee systems and compensate victims.
Who Is Eligible for the Refund?
You may be eligible for compensation if you meet the following criteria:
| Eligibility Criteria | Details |
|---|---|
| Timeframe | October 1, 2007 – July 26, 2024 |
| Card Used | Visa or MasterCard |
| Transaction Type | ATM withdrawals with non-refundable surcharges |
| Bank Involved | JPMorgan Chase, Wells Fargo, Bank of America |
| Residency | United States-based consumer |
✅ Note: Even small surcharge amounts may qualify you for compensation, especially if charged repeatedly.
How to Claim Your Refund
Once the claim portal is live, eligible users will be able to submit a claim online or by mail.
📝 Claim Steps:
-
Visit the Settlement Website (To be announced)
-
Check Your Eligibility using your name, card issuer, and transaction history
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Complete the Claim Form (online or print version)
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Attach Supporting Documents
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- Bank statements showing ATM fees
- Transaction logs from 2007 to 2024
Submit Before Deadline (Date will be announced soon)
💡 Keep digital and physical copies of all your documents for your records.
How Are Refunds Calculated?
Refunds vary based on the frequency and value of surcharges you paid and the total number of approved claims.
| Factor | Impact on Refund |
|---|---|
| Number of Eligible Claims | More claims = smaller individual payouts |
| Total Surcharge Fees Paid | Higher fees = larger potential refund |
| Documentation Quality | Strong proof = higher chance of full payout |
💰 The maximum refund is $2,000, but average payouts may vary depending on participation.
Why This Settlement Matters
This case sets a strong precedent for consumer protection, especially in financial services. It sends a message to large corporations that:
• Hidden fees will not be tolerated
• Consumers have a right to transparency
• Antitrust laws must be enforced to ensure fair pricing
It also empowers everyday users to take control of their financial rights and seek justice when overcharged or misled.
Frequently Asked Questions (FAQs)
Q: How do I know if I was charged unlawful ATM fees?
A: Review bank statements from 2007 to 2024 for ATM withdrawal fees, especially on Visa or MasterCard cards from the listed banks.
Q: Can I claim if I no longer bank with JPMorgan, Wells Fargo, or BofA?
A: Yes, as long as you used their services during the eligible period and can provide documentation.
Q: Is the refund guaranteed?
A: Refunds are not guaranteed but are distributed based on verified claims and available funds.
Q: When will I get my refund?
A: Payouts are expected after all claims are reviewed—likely in late 2025 or early 2026.
Q: Where will I find the official claim portal?
A: The official website link will be shared via court notices and reputable financial news sources. Keep an eye on www.atmfeesettlement.com (placeholder – not official yet).
Conclusion
The Visa and MasterCard ATM Fee Settlement represents a big win for consumer financial rights. If you paid ATM surcharges between 2007 and 2024, you may be entitled to up to $2,000 in compensation.
👉 Stay informed. Gather your documents. Monitor the launch of the official settlement portal—and be ready to file your claim when the time comes.
