*Visa and Mastercard are set to settle a lawsuit with U.S. bank customers over claims they conspired with major banks like JPMorgan Chase, Wells Fargo, and Bank of America to keep ATM fees artificially high.
The companies are accused of colluding to block other ATM payment networks from offering lower fees, reducing competition, and forcing consumers to pay higher surcharges when using non-bank ATMs, The Daily Hodl reports.
The settlement is expected to resolve allegations of violating antitrust laws. Direct notices have been sent to over 100 million affected customers of the class action suit, and final court approval is expected in January.
According to plaintiffs, the alleged conspiracy violates federal antitrust laws.
The settlement applies to customers who incurred unreimbursed ATM surcharges at bank-operated ATMs between October 1, 2007, and July 26, 2024.
In related news, U.S. banks have closed over 50 branches between August 19 and September 7 as online banking continues to reduce the need for physical locations.
Wells Fargo, Chase, and Fulton were among those closing branches, with Bank of America and Chase planning to shut down an additional twelve each. Wells Fargo will close nine more branches, and Fulton will close seven. Other closures, spanning from Arizona to New Jersey, were made by banks such as First National Bank of Long Island, Flagstar, PNC, Santander, and others.
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