Group 1 - Visa and Mastercard have agreed to pay $167.5 million to settle a class action lawsuit that accused them of conspiring to keep ATM fees artificially high [1][2] - If approved, Visa will pay 53% of the settlement amounting to $88.8 million, while Mastercard will contribute 47% totaling $78.7 million [2] - The settlement aims to compensate ATM users who were charged unreimbursed access fees for withdrawing cash from independent non-bank ATMs [2][3] Group 2 - Last year, Visa and Mastercard settled another lawsuit for $197.5 million related to overcharges at bank-operated ATMs, following a previous settlement of $66 million involving major banks [4] - A third lawsuit is still pending against Visa and Mastercard, initiated by independent ATM owners and operators [5] - The ongoing litigation highlights rules that prevent ATM operators from passing savings to cardholders when transactions are processed by networks other than Visa or Mastercard [6]
Used an ATM since 2007? Visa and Mastercard may owe you cash