Visa, Mastercard agree to pay combined $167.5m in ATM fee lawsuit

Visa and Mastercard person agreed to a combined outgo of $167.5m to resoluteness a people enactment suit concerning ATM entree fees.

The projected colony was submitted to a national tribunal successful Washington, US, and awaits judicial approval, reported Reuters.

The colony is intended to payment perchance millions of individuals who paid unreimbursed entree fees for currency withdrawals astatine independent, non-bank automated teller machines (ATMs).

Visa is acceptable to supply astir $88.8m, portion Mastercard volition lend astir $78.7m to a money that volition beryllium distributed to eligible users with qualifying ATM transactions dating backmost to October 2007.

According to Reuters, neither the outgo firms nor the pb attorneys for consumers provided contiguous remark to requests for comment.

The case, filed successful 2011, is said to beryllium 1 of 3 related lawsuits successful the D.C. national court.

According to Reuters, consumers challenged Visa and Mastercard’s manufacture rules, which allegedly prevented autarkic ATM operators from offering little prices.

Both firms person denied immoderate wrongdoing, Reuters reported.

In 2024, the 2 firms were said to person agreed to wage $197.5m to settee claims from different radical of ATM users who said they were “overcharged” astatine bank-operated ATMs.

In 2021, aggregate banks agreed to wage $66m to settee their portion successful the litigation, Reuters added.

Attorneys for the plaintiffs described the latest colony successful a tribunal filing arsenic “an fantabulous effect successful airy of the risks of continued prosecution.”

They noted their volition to petition up to 30% of the fund, oregon astir $50m, successful ineligible fees.

A 3rd related lawsuit, brought by autarkic ATM owners and operators, remains unresolved successful the aforesaid court.

Visa is besides a suspect successful different antitrust actions, including a lawsuit brought by the US Justice Department that accuses the institution of monopolising the US debit paper market. Visa has denied those allegations.

Last month, Visa and Mastercard reportedly reached a revised $38bn colony with US merchants who alleged the paper networks imposed excessive charges for processing recognition paper transactions.

"Visa, Mastercard hold to wage combined $167.5m successful ATM interest lawsuit" was primitively created and published by Electronic Payments International, a GlobalData owned brand.

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