May 31, 2024
39 Comments
by William Charles
Visa & Mastercard have agreed to pay $197 million to settle a class action lawsuit that alleged that they violated federal antitrust laws by adopting restraints that allegedly inflated the ATM surcharges. Previously Chase, Wells Fargo, Bank of America settled the same class action for $67 million. Visa will pay $104.6 million in the accord, and Mastercard will pay $92.8 million. It’s not possible to currently file a claim, but once it is we will repost.
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39 Comments
newest
oldest most voted
DD(@guest_1853812)
June 1, 2024 23:31
#1853812
Right. What I’ve noticed is they’ve all started to limit the amounts you can withdraw so that you have to make multiple withdrawals to do the significant things you’re used to doing.
Reply
Rick(@guest_1853350)
June 1, 2024 01:33
#1853350
Looking forward to my $3.50 after lawyers take their cut. Oh wait did I say $3.50, I meant $0.35
4
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stee(@guest_1853395)
June 1, 2024 06:53
#1853395
Rick
You are always allowed to opt out and file
your own claim, or not.
3
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Chad Dankbutt(@guest_1853427)
June 1, 2024 09:15
#1853427
stee
Yes I will get my full $3.50, I will obtain my own legal counsel to file an individual claim
2
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Heronva(@guest_1853215)
May 31, 2024 20:47
#1853215
I just hope this restarts Mastercard stock. It’s down $50 per share from its 52 week high. My ATM fees are reimbursed by Fidelity.
1
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Rick(@guest_1853143)
May 31, 2024 18:58
#1853143
I get charged atm fees all the time but my bank reimburses me. Every atm is in my network.
1
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Harcourt Fenton Mudd(@guest_1853101)
May 31, 2024 17:27
#1853101
federal antitrust laws? that sound serious. I hope for more than beer money on this.
Reply
avsterbone(@guest_1853064)
May 31, 2024 16:35
#1853064
Anyone dumb enough to pay a surcharge on an ATM withdrawal is too dumb to file a claim in a class action lawsuit they’re eligible for.
9
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Matthew(@guest_1853123)
May 31, 2024 18:33
#1853123
avsterbone
I’m curious how you escape paying fees? Discover offers cash back at select ATMs but not all of them. Are there cards/banks that will reimburse all fees?
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Jay(@guest_1853126)
May 31, 2024 18:37
#1853126
Matthew
Get a bank that has a big included network like Allpoint. And/or use Fidelity / Schwab accounts that have ATM reimbursem*nts.
2
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Matthew(@guest_1853127)
May 31, 2024 18:39
#1853127
Jay
I’ll check out fidelity and Schwab, thanks – discover uses the allpoint network already
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Matty(@guest_1853287)
May 31, 2024 22:32
#1853287
Matthew
Schwab debit card refunds all ATM fees worldwide.
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Jess(@guest_1853370)
June 1, 2024 03:55
#1853370
Matthew
Betterment is another one.
Reply
Rick(@guest_1853052)
May 31, 2024 16:16
#1853052
I stoped laughing at these when I got $92 for battery gate!
3
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Midnight(@guest_1853044)
May 31, 2024 16:00
#1853044
How often does the average person actually withdraw from an ATM that charges a surcharge?
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Midnight
You would be surprised. I don’t, but just saying… there are some establishments that expect tips/payments in cash. (nail & hair salons… not (necessarily strip clubs)) Also, people trying to keep their activity off the radar of a P2, the bank, or the gov. They aren’t going to make a “run to the bank” when there is a machine nearby.
2
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Midnight(@guest_1853135)
May 31, 2024 18:45
#1853135
Gadget - Bank Bonus Geek 🔗
That makes sense. I don’t frequent too many cash only establishments… or have to worry about hiding anything. Probably only visit an ATM to withdraw cash once every couple of months or less often.
Reply
Matthew(@guest_1853125)
May 31, 2024 18:35
#1853125
Midnight
In legal weed states, I’d venture to guess more than the majority of purchases have a few associated with it. It’s literally the only thing I use cash for and fees are inescapable.
1
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Guy Who Buys Stuff(@guest_1853139)
May 31, 2024 18:56
#1853139
Midnight
What’s an ATM?
/s
2
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Greg(@guest_1853416)
June 1, 2024 08:43
#1853416
Midnight
I do probably once a month, kind of. Ally is my hub account and they reimburse $10 per month in ATM fees. Convenient for tips, farmers markets or other little places that do not take cash, etc… If this settlement requires proof I have plenty.
2
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Greg
You meant to write places that only take cash, correct?
1
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Tate(@guest_1853026)
May 31, 2024 15:41
#1853026
The lawyers estimate that there are between 175-210 million class members, so that should work out to about a $1 per person.
1
Reply
Elliot(@guest_1853024)
May 31, 2024 15:37
#1853024
I was hoping to spend mine on an Amazon reload but I guess now I’ll have to use it to buy a banana or a coffee.
4
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