$197.5 Million Class-Action Settlement – Are You Eligible

$197.5 Million Class-Action Settlement – A landmark $197.5 million class-action settlement offers individuals the opportunity to claim up to $1,797 if they paid out-of-network ATM fees using Visa or Mastercard debit cards between October 1, 2007, and July 26, 2024.

This rare chance allows consumers to recover unfair fees and hold banks accountable for alleged antitrust violations. The settlement stems from a lawsuit accusing major banks and card networks of conspiring to fix ATM fees, inflating costs for millions of Americans over nearly two decades.

With no proof required to file and a straightforward online claims process, eligible individuals should act quickly before the January 22, 2025, deadline to ensure they receive their share of the payout.

Chart: Key Details About the ATM Fee Settlement

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Understanding the Settlement and Eligibility

The settlement resolves allegations that major banks and card networks violated antitrust laws by conspiring to fix out-of-network ATM fees. These fees are charged when customers use ATMs operated by banks other than their own, often adding $2–$5 per transaction. Between October 1, 2007, and July 26, 2024, millions of consumers unknowingly paid inflated fees due to these practices.

Who Is Eligible?

You may qualify for compensation if:

• You used a Visa or Mastercard debit card to withdraw cash from an out-of-network ATM during the specified period.
• No proof is required to file a basic claim (Short Form), making it easy for most individuals to participate.
• For potentially larger payouts, you can submit a Long Form with detailed transaction records.

Estimated Payouts

While the maximum payout is $1,797, actual amounts will depend on:

• The total number of claimants who file.
• The number of transactions each individual reports.
• Whether you opt for the Short Form or provide additional documentation via the Long Form.

For example:

• If 1 million people file claims and report similar numbers of transactions, payouts could range from $100–$500 per person.
• Fewer claimants or more documented transactions could result in higher payouts.

How to File a Claim

Filing a claim is simple and can be done entirely online. Here’s how:

Step 1: Visit the Official Website

Go to atmfeesclassaction.com, the only authorized site for submitting claims.

Step 2: Choose Your Claim Type

• Short Form: Requires minimal effort—no receipts or transaction records needed. Ideal for those seeking a quick payout without extensive documentation.
• Long Form: Allows individuals to include detailed transaction histories for potentially larger payouts. This option requires more time but maximizes your recovery.

Step 3: Provide Basic Information

Enter personal details such as your name, address, and email. Confirm your eligibility by certifying that you used a Visa or Mastercard debit card for out-of-network ATM withdrawals during the specified period.

Step 4: Submit Your Claim

Double-check your information and submit your form before the January 22, 2025, deadline. Late submissions will not be accepted.

Why This Settlement Matters

This settlement represents a significant victory for consumers, addressing years of alleged misconduct by financial institutions. By participating, individuals can recover a portion of the excessive fees they paid while holding banks accountable for anticompetitive practices.

Holding Banks Accountable

The lawsuit accused major banks and card networks of violating federal antitrust laws by conspiring to keep ATM fees artificially high. These practices disproportionately impacted low-income individuals and frequent ATM users, who often rely on out-of-network machines due to limited access to in-network options.

A Rare Opportunity

Class-action settlements like this one are uncommon, particularly those involving such a large fund and extended eligibility period. Failing to file a claim means forfeiting your right to compensation, even if you were affected by the alleged misconduct.

Tips for Maximizing Your Payout

To increase your chances of receiving a meaningful payout, consider these strategies:

1. Use the Long Form

While the Short Form is convenient, providing detailed transaction records through the Long Form can significantly boost your payout. Gather bank statements, receipts, or any other documentation showing out-of-network ATM usage during the eligibility period.

2. Estimate Transactions Accurately

If you don’t have exact records, estimate the number of out-of-network ATM transactions you made. Overestimating won’t guarantee a higher payout, but underestimating could reduce your recovery.

3. Act Early

Submitting your claim well before the deadline ensures you avoid last-minute technical issues or website congestion as the cutoff date approaches.

4. Spread the Word

Encourage friends, family, and colleagues to check their eligibility. Many individuals may not realize they qualify for compensation.

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Practical Example: Recovering ATM Fees

Consider Sarah, a frequent traveler who regularly used out-of-network ATMs:

• Estimated Transactions: She recalls making about 50 out-of-network withdrawals annually between 2007 and 2024, totaling approximately 800 transactions.
• Claim Type: Sarah opts for the Long Form, providing bank statements to document her usage.
• Potential Payout: Depending on the number of claimants, she could receive anywhere from $500–$1,797.

By filing early and including detailed records, Sarah maximizes her recovery and ensures she doesn’t miss out on this unique opportunity.