ATM Cash Withdrawal Settlement – Chase, Wells Fargo and BofA to Pay $67M

ATM Settlement

ATM Cash Withdrawal Settlement

A class action lawsuit was brought on behalf of ATM cardholders who used a bank ATM owned by an entity different from the entity that issued the ATM card and were assessed an ATM surcharge. The lawsuit alleges the Defendants violated federal antitrust laws by participating in an unlawful agreement that allegedly had the effect of increasing the amount of ATM surcharges paid by class members. The Defendants deny these allegations and the Court has not decided who is right.

Three Defendants have agreed to settle the lawsuit, JPMorgan & Chase Co. (“JP Morgan”); Wells Fargo & Co. and Wells Fargo Bank (“Wells Fargo”); and Bank of America, N.A. and Bank of America Corp. (“Bank of America”). The three banks have settled for $67 million.

The lawsuit is continuing against the remaining Defendants, namely: Visa Inc.; Visa U.S.A. Inc.; Visa International Service Association Plus System, Inc.; Mastercard Inc.; Mastercard International Inc. d/b/a Mastercard Worldwide; and NB Holdings Corp.

Who’s Eligible?

You are a Settlement Class Member, and you are affected by these Settlements, if you are:

  • An individual or entity that paid an unreimbursed ATM Access Fee directly to any Bank Defendant or Bank Co-Conspirator for a Foreign ATM Transaction using an ATM card issued by a financial institution in the United States to withdraw cash at an ATM located in the United States at any time from October 1, 2007 to the date of the Preliminary Approval Order, which was on November 12, 2021.

Related: See All Settlement Rebates Here

Settlement Payout

The Settling Defendants will collectively pay approximately $67,000,000

  • Bank of America ($26,420,000)
  • Wells Fargo ($20,820,000)
  • JP Morgan ($19,500,000)

After deductions for attorneys’ fees, litigation costs, and other expenses, the Fund will be distributed to Class Members who submit valid claims.

You must file a timely, valid claim in order to receive monetary compensation. Each claim will be eligible to receive a pro rata share of the Net Settlement Fund, after deductions for attorneys’ fees, litigation costs, and other Court-approved expenses, based on the number of claims that are submitted. Because the amount of each payment depends on the number of approved claims, nobody can know in advance how much the payment will be.

Settlement payments will be digitally sent to you via email. Please ensure you provide a current, valid email address on the Claim Form. When you receive the email notifying you of your payment, you will be provided with a number of digital payment options such as PayPal or a virtual debit card. For many, this is the easiest and quickest option to receive money. You will also have the opportunity to request that a check be mailed to you by the Settlement Administrator.

To be eligible for payment, Claim Forms must be submitted electronically or postmarked no later than May 11, 2022.

Related: Read all news about lawsuits and settlements


ATM Settlement Details

HT: batrick

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