Visa and Mastercard are facing a substantial settlement in a class action lawsuit over controversial ATM fees paid by US bank customers. The allegations suggest that the payment giants collaborated with major banks like JPMorgan Chase, Wells Fargo, and Bank of America to artificially inflate ATM surcharges.
The lawsuit claims that Visa and Mastercard worked with these banks to prevent other ATM payment networks from offering lower domestic fees, thereby limiting competition and forcing consumers to pay higher fees when using non-bank ATMs. This alleged collusion is said to have violated federal antitrust laws aimed at fostering a competitive marketplace.
More than 100 million potential members of the class action suit, including US banking customers who paid unreimbursed ATM surcharges at bank-operated ATMs between October 1, 2007, and July 26, 2024, are now receiving direct notices of the settlement. A final court approval is expected at a hearing on January 23rd, and individuals who have not previously filed a claim or have additional ATM surcharge claims can still do so.
In a related development, JPMorgan Chase, Wells Fargo, and Bank of America reached a $66.74 million settlement last year to resolve their involvement in the lawsuit, although they did not admit any wrongdoing. These banks were singled out due to their dominance in ATM transactions and their enforcement of Visa and Mastercard’s Non-Discrimination Rules (NDRs), which allegedly hindered ATM operators from charging lower fees through competing networks.
As the legal proceedings unfold, it is essential for affected individuals to stay informed about any updates or changes in the case. Subscribing to email alerts and following reliable sources on social media can help ensure that you are up to date with the latest developments in this ongoing saga.
