A major class action lawsuit has resulted in a $197.5 million settlement involving ATM fees, and if you’ve been charged excessive fees by your bank or ATM provider, you may be eligible for compensation. This class action, which aims to address practices that allegedly violated consumer protection laws, could provide cash payouts to those affected.
If you’ve been subject to ATM fees, this article explains everything you need to know about the settlement, eligibility requirements, how to file a claim, and what you can expect from the payout process.
What Is the ATM Fees Class Action Lawsuit About?
The ATM fees class action lawsuit alleges that certain banks and financial institutions improperly charged excessive fees for using out-of-network ATMs. These fees could include:
- Out-of-network transaction fees
- Surcharge fees
- Additional hidden fees for withdrawing cash from ATMs that were not part of a customer’s bank network.
The plaintiffs argued that these fees were unfair, excessive, and violated consumer protection laws. As a result of the lawsuit, the companies involved have agreed to a $197.5 million settlement to resolve the issue.
This settlement covers consumers who were charged these types of fees by participating financial institutions.
Who Is Eligible for the $197.5M ATM Fees Settlement?
If you’ve been charged ATM fees by a financial institution, you could be eligible for a payout, depending on the specifics of your case and your bank’s involvement in the lawsuit.
Eligibility Criteria:
- Consumers Who Used Out-of-Network ATMs: If you used an ATM that was not part of your bank’s network and were charged a surcharge or other fees between certain years, you may be eligible for compensation.
- Affected Banks: The settlement involves several financial institutions that were part of the lawsuit. If you had an account with one of the participating banks and incurred ATM fees during the settlement period, you may qualify for a payout.
- The Settlement Period: The lawsuit covers fees charged from specific years, typically from 2005 to 2015, depending on the exact terms of the settlement.
- Verification of Fees: To be eligible for a payout, you must provide evidence that you were charged the excessive fees during the eligible period. This could include bank statements, receipts, or transaction history showing ATM surcharge fees.
How Much Will Eligible Consumers Receive from the Settlement?
The $197.5 million settlement amount will be distributed among eligible claimants, but the exact amount each claimant will receive depends on several factors, including:
- The number of valid claims filed
- The amount of fees you were charged
- The financial institution involved in the lawsuit
While the final payout amount for individual claimants will vary, you could expect a payout in the range of $10 to several hundred dollars. The total settlement will be distributed across all approved claims, so the final payout will depend on the number of people who submit claims.
How to File a Claim for the ATM Fees Settlement
If you believe you are eligible for a payout, here’s how to file a claim:
1. Review the Eligibility Criteria
Check if your bank or financial institution is part of the settlement and if you were charged excessive ATM fees during the eligible period.
2. Gather Documentation
To verify your eligibility, you will need to provide proof of payment for ATM fees. Gather documents such as:
- Bank statements
- Transaction receipts
- Screenshots of fees (if you have digital records)
3. Complete the Claim Form
Visit the official settlement website to complete the claim form. The form will ask for personal details, banking information, and specifics about the ATM fees you were charged. You’ll also need to upload documentation to support your claim.
4. Submit the Claim
Once your claim form is completed, submit it before the deadline. Be sure to double-check your information and include all necessary documents.
5. Track Your Claim Status
After submitting your claim, you can monitor the status through the settlement website. You will be notified of your claim’s approval and your payout.
When Will I Receive My ATM Fees Settlement Payout?
After you file your claim, it typically takes several months to process. Payments are expected to be distributed within 6 to 12 months after the settlement is finalized. Once the claims are processed and approved, you will receive your compensation via check or direct deposit, depending on your preferences.
What Happens If I Don’t File a Claim?
If you don’t file a claim, you won’t receive a payout. However, by not participating in the class action, you also forfeit any potential compensation from the settlement. It’s important to submit your claim to ensure you receive any funds you’re entitled to under the settlement agreement.
Conclusion
The $197.5 million ATM fees class action settlement is a significant opportunity for consumers who were charged excessive ATM fees. If you’ve been affected by these practices, check your eligibility and file a claim before the deadline. The settlement offers financial compensation for those who incurred unfair charges, and it provides a way for consumers to receive restitution for overpaid fees.
FAQs
1. How do I know if I’m eligible for the ATM fees settlement?
You may be eligible if you were charged excessive ATM fees by participating financial institutions between specific years (typically 2005-2015). Check your bank statements to verify the charges.
2. How much money can I expect to receive from the settlement?
The amount you’ll receive depends on the number of claims and the fees you were charged. Payouts could range from $10 to several hundred dollars.
3. How do I file a claim for the ATM fees settlement?
To file a claim, complete the claim form on the settlement website, provide supporting documentation (such as bank statements), and submit your form before the deadline.
4. When will I receive my payout?
Settlement payments are expected to be distributed within 6 to 12 months after the claims processing is completed.
5. What happens if I don’t file a claim?
If you don’t file a claim, you won’t receive a payout from the settlement. However, you will still be part of the settlement, and the decision will be final.