Payments
Visa, Mastercard will pay $197 million in ATM fee lawsuit
May 31, 2024
Visa and Mastercard both agreed to pay $197 million in a class action lawsuit regarding ATM fees. This lawsuit covers customers who withdrew cash from bank ATMs and claimed that the fees were kept artificially high, according to a report by Reuters.
There are two other class action lawsuits pending as well, with one from consumers of non-bank ATMs and another from independent ATM operators. Visa will pay $104.6 million and Mastercard will pay $92.8 million. Both companies deny any wrongdoing.
The plaintiffs in all three cases are seeking damages of more than $9 billion.
The Supreme Court previously turned down an appeal from Visa and Mastercard that challenged a ruling that allowed the plaintiffs to perform a class action lawsuit.
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