$197.5M ATM Fees Class Action Settlement in 2025: In a groundbreaking settlement, Visa and Mastercard have agreed to pay $197.5 million to compensate individuals who were charged excessive ATM fees. The settlement is designed to reimburse affected users who paid these fees while using Wells Fargo, JP Morgan, or Bank of America ATM networks. Here’s everything you need to know about eligibility, deadlines, and how to file your claim.
Who Is Eligible for the $197.5 Million Settlement?
If you paid ATM fees using a Mastercard or Visa network between October 1, 2007, and July 26, 2024, you may be eligible for compensation. Here are the specific requirements:
- Residency: You must be a U.S. resident.
- Fee Payments: You must have incurred ATM fees through the Mastercard or Visa system during the eligible period.
- Networks: The fees must have been charged at Wells Fargo, JP Morgan, or Bank of America ATMs.
Visa has allocated $104.6 million toward the settlement, while Mastercard will contribute $92.8 million. The total funds will be distributed equally among all eligible claimants.
Key Dates to Remember
| Event | Date |
|---|---|
| Eligible Fee Payment Period | October 1, 2007 – July 26, 2024 |
| Claim Submission Deadline | January 22, 2025 |
| Final Hearing Date | January 23, 2025 |
Claims submitted after the January 22, 2025 deadline will not be accepted, so be sure to file on time.
How to File a Claim
Filing a claim is a straightforward process. Follow these steps to ensure you receive your compensation:
- Verify Your Eligibility: Confirm that you meet the settlement requirements.
- Complete the Claim Form: Fill out the online form with the necessary details, including supporting documents showing your ATM fees during the eligible period.
- Submit Before the Deadline: Ensure your claim is submitted by January 22, 2025.
Understanding the Settlement’s Objective
The settlement aims to reimburse individuals who were subjected to excessive or unauthorized ATM fees. While Visa and Mastercard have not admitted fault, the companies opted to settle the case rather than continue lengthy legal battles.
This class action represents a collective effort by affected individuals to seek justice for unwarranted charges.
FAQ
- What is the ATM Fees Class Action Settlement?
It is a $197.5 million settlement compensating individuals who paid excessive ATM fees at Wells Fargo, JP Morgan, or Bank of America networks using Mastercard or Visa from October 1, 2007, through July 26, 2024. - When is the last date to file a claim?
The deadline to submit claims is January 22, 2025. - How much money will I receive?
The amount depends on the total number of claimants. Visa’s portion of $104.6 million and Mastercard’s $92.8 million will be evenly distributed among eligible participants. - Do I need to attend court?
No, court attendance is not necessary. Once your claim is approved, your payment will be sent directly to your bank account or issued as a check.