Wells Fargo, JP Morgan and Bank of America customers to receive multimillion-dollar compensation

• Settlement Benefits 100 Million Visa and Mastercard Users
• Visa and Mastercard Accused of Conspiring
• Banks to Pay $197.5 Million in Compensation

A historic settlement between Visa, Mastercard, and several major U.S. banks has shaken the financial world, setting an important precedent in handling banking fees.

Customers of JPMorgan Chase, Wells Fargo, Bank of America, and other banks will receive millions in compensation following the resolution of a long-standing lawsuit related to unfair ATM fees.

Visa and Mastercard were accused of conspiring with these banks to keep ATM fees artificially high.

According to the lawsuits, the conspiracy aimed to prevent other payment networks from offering lower fees, limiting competition in the market.

Visa and Mastercard Settlement to Benefit Bank Customers

As a result, users of ATMs not affiliated with their bank were forced to pay significantly higher fees.

The plaintiffs argued that Visa and Mastercard’s actions, in collusion with the banks, violated U.S. antitrust laws.

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These federal laws are designed to promote competition and prevent large corporations from imposing unfair fees on consumers.

By conspiring to keep surcharge fees elevated, financial institutions negatively impacted millions of users nationwide.

The practices imposed limited consumers’ access to more affordable payment options.

The most affected were those who used out-of-network ATMs, who ended up paying higher fees than necessary.

The settlement reached is one of the largest in recent U.S. financial history, benefiting more than 100 million bank customers.

Affected individuals will receive significant financial compensation as a result of this legal resolution.

Bank Customers to Receive Millions in Compensation From Visa and Mastercard

The settlement covers Visa and Mastercard bank customers who paid ATM surcharges between October 1, 2007, and July 26, 2024.

Compensation amounts will vary depending on ATM usage and fees paid during that period, according to Mundo Deportivo.

The total settlement amount is $197.5 million, which will be distributed among all those affected.

Additionally, the three largest banks involved in the conspiracy—JPMorgan Chase, Wells Fargo, and Bank of America—have already agreed to pay $66.74 million in a previous settlement.

Despite this payment, the banks did not admit guilt in their involvement in the conspiracy.

This settlement is the result of a long legal battle seeking justice for the millions of bank customers affected by these practices.

Currently, notifications are being sent to potential clients who are part of the class-action lawsuit.

Through these notifications, users will be able to file claims to receive their share of the compensation.

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