Visa and Mastercard $5.54 billion class-action settlements are going to be received by millions of businesses that have used Visa and MasterCard services between 2004 and 2019. If you are one of them, then get ready to welcome some extra bucks in your account in the coming month.
Visa Mastercard Settlement
Visa and Mastercard violated the law by charging interchange fees to the merchants or businesses that accepted Visa or Mastercard debit/ credit cards. The interchange fees are around 1% to 2% of the total transactions that compelled merchants to ask their customers to pay through other payment methods.
The lawsuit has been going on for nearly a decade and now the class action settlement has been settled on $5.54 billion on Dec 1. However, there is no verdict on whose was wrong or right as Visa and Mastercard have agreed to settle the lawsuit.
It was decided the claim administrator would distribute the claim notices via email by Dec 2023, and Jan 2024. The last date to file the claim for the Visa Mastercard $5.54 billion settlement is 31 May 2024.
Key dates of Visa and Mastercard settlement
| Dates | Events |
| Jan 1, 2004, to January 25, 2019 | Class Period |
| 23 July 2019 | Deadline to exclude yourself from the settlement |
| Dec 16, 2019 | Final approval of the settlement |
| Dec 2023 – Jan 2024 | Mail notice |
| 31 May 2024 | Claim Filing last date |
Eligibility to claim the Visa Mastercard Settlement
Visa and Mastercard will pay the settlement amount to businesses or merchants that have used Visa and Mastercard in the United States from Jan 1, 2004, to Jan 25, 2019.
The businesses that have paid the interchange fees during this period are qualified to claim their settlement money. All the claimers who got the mail on Dec, 23 and Jan, 24 can claim the settlement through the claim form.
How to file a Claim Form for the Visa and Mastercard Settlement?
If you are eligible for the claim settlement amount, you must have received a claim form mailed to your address. In the claimed form you will find a QR code, and by scanning the code, you will receive secure website credentials, where you can file your claim.
You can submit your claim online through the secure website credentials by 11:59 PM PST on 31 May 2024. To file the claims, online follow the below instructions:
- Go to the website that opened through the QR code of the Claim Form, and click on “submit my Claim.”
- You will land on the new page, where you will fill in the required information such as Claimant ID, control number, or your taxpayer identification number.
- Note: You can locate the Claimant ID and control number on the Claim Form you receive.
- Now, submit your claim before the deadline.
You can also mail your form to the claim administration at the address:
Payment Card Interchange Fee Settlement
PO Box no. 2530
Portland.
Settlement Amount & Payout Date
The class-action settlement fund of $5.54 billion was decided between Visa, Mastercard, and bank defendants to provide the merchants who have not excluded themselves from the settlement.
The claimants in Rule 23(b) (3) will receive the payment according to the actual or estimated interchange fees they paid to Visa and Mastercard for transactions from 1 January 2004 to 25 January 2019.
The settlement amount for each claimant will depend upon the number of claims, cost of class administration and notice, attorney’s fees and expenses, and money awards under Rule 23(b) (3), and applicable taxes on settlement funds or any other tax expenses.
The payout date has not been released yet and the claimants can expect their payment only after the claim period ends, i.e. after 31 May 2024.
According to the claim administration, the payout date will be only confirmed after they receive all the claims, evaluate the review time, and process the settlement amount to each claimant’s accounts.
The Visa and Mastercard claims period is going on, so if you are eligible for the settlement benefit, then immediately submit your claim before the deadline, i.e. 31 May 2024.
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