Visa & Mastercard to Pay $5.6 Billion Settlement – Find Out If You’re Eligible for a Refund

Visa and Mastercard have agreed to pay billions in settlements following class-action lawsuits that accused them of violating antitrust laws and unfairly charging excessive fees.

These settlements, primarily benefiting merchants and some consumers, stem from allegations that Visa and Mastercard imposed inflated transaction fees, commonly known as “swipe fees.”

The legal battle, which spanned over a decade, resulted in a $5.6 billion settlement for merchants and a $197.5 million settlement for consumers who paid unreimbursed ATM surcharges.

While reports have circulated about a $2,000 refund for customers, the actual amount each claimant will receive depends on the number of claims submitted and the total volume of transactions involved.

Who Is Eligible for a Refund?

There are two primary settlements under which refunds are being issued: one for merchants and one for consumers who incurred excessive ATM fees.

Merchant Refunds

• Eligibility: Any business that accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019 is eligible.
• Claim Deadline: The deadline for merchants to file claims was February 4, 2025.
• Estimated Refunds: Businesses will receive compensation based on transaction volume, meaning large retailers could receive substantial payouts, while smaller merchants may receive smaller amounts.

Consumer Refunds for ATM Fees

• Eligibility: Consumers who paid unreimbursed ATM fees between October 1, 2007, and July 26, 2024 may qualify for a refund.
• Claim Deadline: Claims must be submitted by January 22, 2025.
• Estimated Refunds: Compensation will vary based on the number of valid claims submitted.

Understanding the $2,000 Refund Claims

Recent reports have suggested that individuals could receive a $2,000 refund from these settlements. However, this amount is not guaranteed for every claimant. The final payout depends on:

• The total number of claims submitted
• The transaction volume associated with each claim
• The settlement funds remaining after legal fees and administrative costs

Many consumers will receive smaller amounts, while businesses with high transaction volumes could receive larger refunds.

How to File a Claim

If you believe you qualify for a refund, follow these steps:

For Merchants:

1. Visit the Payment Card Settlement website at www.paymentcardsettlement.com.
2. Log into the Merchant Portal to check claim status.
3. Submit necessary documentation if required.

For Consumers (ATM Fee Refunds):

1. Go to the ATM Surcharge Settlement website at www.atmclassaction.com.
2. Check eligibility requirements.
3. Fill out and submit the claim form before January 22, 2025.
4. Provide any required documentation, such as transaction records or ATM receipts.

Potential Economic Impact

This settlement is considered one of the largest antitrust agreements in the financial sector. Analysts believe that:

• Merchants may see long-term relief from lower swipe fees.
• Consumers could benefit from reduced ATM fees in the future.
• Visa and Mastercard’s business practices may change, reducing similar legal challenges in the future.

Beware of Scams Related to the Settlement

As with any major settlement, scammers may attempt to exploit consumers seeking refunds. Be cautious of:

• Fake emails and websites asking for personal or financial information.
• Unsolicited phone calls claiming to offer settlement payouts.
• Requests for upfront payments to receive a refund – legitimate settlements do not require fees.

Final Thoughts: What to Expect Next

Visa and Mastercard’s settlements are set to distribute billions in refunds, but claimants must follow the correct procedures to receive their share. Whether you are a merchant affected by excessive swipe fees or a consumer who paid high ATM surcharges, filing a claim before the deadline is crucial.

Key Takeaways:

Merchants had until February 4, 2025, to file claims. Consumers have until January 22, 2025, to submit claims for ATM fee refunds. Refund amounts will vary based on claim volume and individual transaction history. Visit www.paymentcardsettlement.com and www.atmclassaction.com for official information. Stay alert for scams and only file claims through official websites.

This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.