Visa, Mastercard Will Pay $197 Million for ATM Fees
Visa and Mastercard have agreed to pay $197 million to settle a class action by millions of consumers accusing the companies of keeping cash access fees artificially high. The settlement includes consumers who withdrew cash from bank-operated ATMs since 2007.
Visa will pay $104.6 million while Mastercard will pay $92.8 million. These sums are in addition to $67 million paid by three major banks.
The settlement comes after the U.S. Supreme Court declined a request from credit card companies to review the case, which allowed it to continue. Plaintiffs were seeking damages of more than $9 billion.
The proposed settlement class is estimated to have at least 175 million members.
