Visa and Mastercard are leading network payment processors globally. Both publicly traded companies faced a big blow when an American judge ordered them to pay a hefty $197 million to cardholders. A total of $197 million has been agreed to be paid by Visa and Mastercard to resolve the allegations. In particular, Visa will pay $104.6 million, and Mastercard will pay $92.8 million.
Following a previous settlement of $66 million reached by three other banks implicated in the lawsuit Chase, Wells Fargo, and Bank of America this settlement follows suit. Now Visa and Mastercard will have to pay $1,797 Direct Payment for Visa and Mastercard Users. However both companies deny any misconduct or inappropriate practices. Another related class-action lawsuit is pending against companies who own independent ATMs and consumers who used ATMs that are not linked with banks.
$1,797 Direct Payment for Visa and Mastercard Users
Visa and Mastercard are the two largest global payment processors. A recent serious setback for both publicly traded firms occurred when an American judge ordered them to reimburse cardholders $197 million. Based on the facts now available, an American court ordered VISA and Mastercard to repay money seized from their users’ and customers’ cards earlier this year under the guise of higher fees. In its decision, the US court found the extra fees that the two companies were charging their clients illegal.
According to news, as part of the settlement, Mastercard will repay $92.8 million to cards, while Visa will pay $104.6 million to customers. When using a Visa or Mastercard to withdraw cash from an ATM in the United States, extra fees are required. According to the court’s ruling, the additional fee was illegal, and Visa and Mastercard were ordered to repay the money.
Visa Mastercard Lawsuit Settlement 2025 Details
| Country | America |
| Defaulter company | Visa and Mastercard |
| Settlement amount | $197 million |
| Claim Deadline | February 4, 2025 |
| Category | Settlement News |
| Claim website | www.paymentcardsettlement.com |
$1,797 Direct Payment 2025 Eligibility Requirements
- If you paid a surcharge to get cash from an ATM in America between October 1, 2007 and July 26, 2024, you could be eligible. You are not covered if you returned all of your surcharged ATM purchases or used cards from non-US banks.
- While the ATM class action settlement administrators should already have your information on file, you may not need to take any additional steps to receive cash from the new settlement if you have already filed a claim and been paid.
- If you paid any additional qualifying ATM fees (as specified in the class action notification) after filing your previous ATM class action claim and were not rewarded for those costs, you may be excused from this rule.
Settlement Amount and other Details
According to the settlement documents, Visa will pay $104.6 million and Mastercard will pay $92.8 million. The bank defendants previously resolved lawsuits worth $66 million. The plaintiffs in three cases claimed that Visa and Mastercard’s ATM network restrictions caused them to pay unfairly high access fees. They sought damages totaling more than $9 billion and now they will get the payment as per Visa Mastercard Lawsuit Settlement 2025 Eligibility Requirements
The decision comes after the United States Supreme Court denied Visa and Mastercard’s appeal, rejecting a lower court judge’s ruling that allowed the plaintiff groups to suit as a class. Consumers will have the opportunity to protest to the conditions of the settlement, including the amount of the fund and any legal expenses granted. Visa and Mastercard are defendants in a long-running federal court case in Brooklyn over allegations that they overcharged retailers and others in debit and credit-card transactions.
Class Action Fund & Distribution
The settlement money from Visa and Mastercard will be combined into a special Settlement Fund to compensate qualified class members who file legitimate claims. This distribution process is subject to stringent court supervision to ensure that the compensation is distributed fairly among individuals affected by the increased ATM costs.
As it safeguards the interests of all class members especially those who might not be aware of their eligibility for compensation the court’s stance in this case is crucial. Notably, Visa and Mastercard have denied any responsibility or misconduct in relation to the accusations, despite accepting this huge payment.
Steps to Claim Your Payment before deadline
According to available information, VISA charges the card issuer per transaction or by card volume. Mastercard, on the other hand, charges institutions (that issue cards) a percentage of worldwide dollar volume (the total volume of all card transactions performed within a given time period).
- Browse the official class-action settlement webpage www.paymentcardsettlement.com
- Then fill Visa Mastercard Lawsuit Settlement 2025 claim form before February 4, 2025.
- You must share your contact details and acknowledge that you paid high ATM fees.
- Although you may not be required to give proof at first, the claims administrator may seek more documentation to validate your claim.
| Official Website | Click Here |
| Homepage | BSEBInter.org |