Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA) have agreed to a proposed $167.5 million settlement that could compensate consumers who paid unreimbursed fees to withdraw cash from independent ATMs over nearly 19 years.
Settlement Covers Nearly 19 Years Of Fees
The settlement in Burke v. Visa Inc. covers qualifying withdrawals made between Oct. 24, 2007, and Aug. 14, 2026. Consumers must submit valid claims by Feb. 10, 2027 to receive money. The U.S. District Court for the District of Columbia will hold a final fairness hearing on Feb. 17.
The lawsuit alleges Visa and Mastercard imposed network rules preventing independent ATM operators from charging lower access fees when cheaper competing networks could process transactions. Plaintiffs contend those restrictions caused customers to pay higher surcharges. Visa and Mastercard "deny they did anything wrong," according to the official settlement website.
The dispute adds to years of antitrust scrutiny around payment-network fees. Visa and Mastercard have separately faced long-running merchant litigation over credit-card swipe fees, including a proposed agreement that a federal judge rejected in 2024.
Who Qualifies For A Settlement Payment
To qualify for the ATM settlement, a consumer generally must have used an ATM or PIN-debit card to withdraw money from a deposit account at an independent U.S. ATM and paid a surcharge that their bank did not fully reimburse. Independent ATMs are machines not owned by banks or other financial institutions.
Credit-card transactions, cash advances and prepaid-card transactions do not qualify. The claim form does not require supporting documents when filed, although the administrator may later request bank statements or other proof. Claimants must certify their information under penalty of perjury.
Payments Depend On Claims And Approval
Visa will contribute $88.775 million and Mastercard $78.725 million. After court-approved attorneys’ fees, litigation and administrative expenses, taxes and service awards, eligible claimants will divide the remaining fund proportionally. There is no predetermined individual payout.
Approved claimants will receive digital-payment options such as PayPal or a virtual debit card and may instead request a paper check. Payments cannot begin until the court approves the agreement and any appeals are resolved.
Photo courtesy: Shutterstock
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
