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$197M Settlement: Visa and Mastercard Resolve Class Action Lawsuit Over High ATM Fees

(photo: MSN)

Visa and Mastercard have agreed to a $197 million settlement to resolve a class action lawsuit accusing them of maintaining high ATM fees since 2007.

Visa and Mastercard Agree to $197M Settlement Over High ATM Fees

Visa and Mastercard have settled a class action lawsuit for $197 million, accused of keeping ATM cash access fees artificially high. The settlement covers consumers who used bank-operated ATMs since 2007 and is a significant step toward resolving the dispute, according to the report of Seeking Alpha.

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Visa commits $104.6 million and Mastercard $92.8 million in Settlement

Visa will pay $104.6 million, and Mastercard $92.8 million in the settlement, though both deny wrongdoing. The agreement aims to end the long-standing litigation but awaits court approval to become final. Mastercard declined to comment, and Visa hasn’t responded yet. The resolution’s impact on ATM fee practices and consumer rights will be closely monitored.

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