If you paid a fee at an ATM you could be part of $167 million settlement

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ATM users who have withdrawn cash using Visa or Mastercard may be entitled to compensation as part of a $167 million class action lawsuit.

The suit, Burke v. Visa Inc., et al., accused the banking giants of preventing independent ATM operators from setting lower withdrawal fees, which is a violation of federal and state anti-trust laws.

“If permitted to do so, ATM operators would have an economic incentive to pass on to customers the benefit of using the lower-cost, higher net revenue 'rival networks' in the form of lower, or discounted, access fees,” the claim stated, per Yahoo Finance.

The banks are expected to pay out a $167.5m settlement but all claims for compensation must be submitted by February 2027.

According to the settlement website, eligible claimants are potentially anyone charged a fee for withdrawing cash with a PIN linked to a deposit account ATM or debit card at an independent bank or at a “non-bank” such as a store, a hotel, a gas station, or a bar.

Transactions must have taken place between October 24, 2007 and August 14 this year. Customers fully reimbursed by their bank for the transaction already do not qualify.

In order to be potentially eligible for a sum from the banks, claimants should file a claim form on the lawsuit’s website or by mail, and make a statement under oath. They may also be asked to provide receipts, bank statements, and further proof of this claim.

The proposed payment for this settlement is approximately $88.8 million from Visa and $78.7 million from Mastercard.

But while the banking companies are paying millions, claimants should probably not expect large sums in return, as the fees will be paid towards attorneys, chief litigants and other expenses before being given out to affected bank users.

The companies did not admit to any wrongdoing, per ABC 13, and the final settlement hearing will be held next February, 2027.

CNBC reported the suit comes as ATM charges hit record highs, as the average fee for an out-of-network withdrawal in 2025 was $4.86.