In a landmark decision announced on May 9, 2025, Visa and Mastercard have admitted in court that they charged excessive fees to consumers and merchants. Due to this, they have accepted a class action settlement of a huge amount of $200 million (about Rs 1,670 crore). If you have used Visa or Mastercard from an ATM between 2007 and 2024 or have accepted these cards for business, then you can get up to $2,000 from this settlement.
What is this case?
Visa and Mastercard were accused of not allowing ATM operators to provide cheaper fees on the use of other card networks. This directly affected the customers, as they had to pay higher fees. This strategy was beneficial for banks and card companies, but it proved to be unfair and costly for consumers.
Thousands of people and organizations approached the court regarding this issue. The case was in court from 2007 to 2024. Eventually, the companies settled out of court for $200 million to compensate those who were harmed by these policies.
Visa-Mastercard Settlement 2025: Key Details
| Field | Details |
|---|---|
| Department | Visa-Mastercard |
| Name of Program | Visa Mastercard Settlement |
| Country | USA |
| Total Settlement Amount | $5.5 billion |
| Per Person Amount | $2,000 |
| Eligibility | Used Visa/MasterCard at ATMs, paid non-refundable bank fees (2007–2024) |
| Payout Date | May 2025 (Expected) |
| Category | Government Aid |
| Official Website | https://www.paymentcardsettlement.com |
Who can claim?
The settlement qualifies two main groups:
- Businesses and nonprofits that accepted Visa or Mastercard payments from January 1, 2004, to January 25, 2029, even if they are now defunct or have declared bankruptcy.
- Individual consumers who paid high fees when making ATM transactions from banks like Bank of America, Wells Fargo, or JPMorgan Chase.
If you fall into one of these categories, you could get a refund of up to $2,000.
How to claim a Visa-Mastercard refund?
To get a refund from Visa-Mastercard, you need to follow some simple steps:
- Visit the official website – Visit www.paymentcardsettlement.com and check if you are eligible or not.
- Fill the claim form – Carefully fill the claim form available on the website.
- Attach proof – You need to provide ATM receipts or bank statements with your claim that clearly show the charges you have paid.
- Submit on time – The last date for the form will be updated on the website, so don’t miss it.
How much refund will you get?
The amount you get will depend on how much ATM charges you have paid and how many people have claimed. If too many people apply, the amount will be divided, and those who have paid more charges may get more and others less.
The total refund amount is set at $200 million, so the sooner you claim it, the better.
Don’t delay; apply early.
Although the application process is simple, it is still very important to apply on time. Gather all your bank receipts, ATM statements and other documents and fill the form carefully. Mistakes or delays in the last-minute rush can affect your refund.
When will you get the refund?
Visa and Mastercard have promised to pay the refund by May 2025. The refund will either come as a direct deposit or be sent as a cheque by mail.
How will the refund be calculated?
| ATM fees you paid | Estimated refund |
|---|---|
| $50 – $200 | $50 – $300 |
| $500 – $1000 | $500 – $1200 |
| More than $1000 | $1500 – $2000 |
Conclusion
This settlement against Visa and Mastercard is a big win for consumers. Where earlier the companies charged arbitrary fees, now justice has been served against them. If you have used Visa or Mastercard in the past and paid ATM fees, this is your chance. Apply as soon as possible and start the process of getting your money back.
FAQs
Q.1 What is the Visa/Mastercard settlement about?
Q.2 Who is eligible to file a claim?
A. Any U.S. business or nonprofit organization that accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019, may be eligible to file a claim. This includes entities that have since closed or declared bankruptcy.
Q.3 What is the deadline to file a claim?
A. The deadline to submit a claim was February 4, 2025. Claims submitted after this date may not be considered.
Q.4 How much money can I expect from the settlement?
A. The exact amount each claimant will receive depends on the total interchange fees they paid during the class period and the number of valid claims submitted. The settlement fund will be distributed on a pro-rata basis among all eligible claimants.
Q.5 What documentation is required to support my claim?
A. Claimants were advised to provide documentation such as merchant statements or other records showing the amount of interchange fees paid during the class period. If such documentation was unavailable, claimants could estimate the fees paid, but the settlement administrator might request additional information to validate the claim.
