Mastercard and Visa agree to $167.5 million ATM fee settlement

Mastercard and Visa have agreed to a proposed settlement in Burke v. Visa Inc. that would compensate consumers who paid unreimbursed fees to withdraw cash from independent ATMs. The lawsuit alleged that Visa and Mastercard imposed network rules preventing independent ATM operators from charging lower access fees when cheaper competing networks could have processed the transactions, resulting in higher surcharges paid by customers. Mastercard will contribute $78.725 million to the settlement fund, which covers withdrawals made between October 24, 2007 and August 14, 2026. The U.S. District Court for the District of Columbia will hold a final fairness hearing on February 17, 2027, and claims must be submitted by February 10, 2027. After payment of court-approved attorneys' fees, administrative expenses, and service awards, eligible claimants will divide the remaining fund proportionally. Both companies deny wrongdoing, according to the settlement website.

1. Mastercard will contribute $78.725 million and Visa $88.775 million to the $167.5 million settlement.
2. Settlement covers independent ATM withdrawals from October 24, 2007 through August 14, 2026.
3. Claimants must submit valid claims by February 10, 2027 to be eligible for payment.
4. Final fairness hearing scheduled for February 17, 2027 in U.S. District Court for District of Columbia.
5. Eligible consumers must have used an ATM or PIN-debit card at an independent U.S. ATM and paid an unreimbursed surcharge.
6. Visa and Mastercard dispute the allegations but agreed to the settlement without admitting wrongdoing.
7. Settlement adds to years of antitrust scrutiny around payment-network fees including prior merchant litigation over credit-card swipe fees.