Attention Business Owners
Are you a business owner who accepted Visa and Mastercard payments between January 1, 2004, and January 25, 2019?
A landmark settlement concerning interchange fees might entitle you to a portion of the $5.5 billion settlement fund.
What is the Visa/Mastercard, Payment Card Interchange Fee Settlement?
The settlement resolves a class-action lawsuit claiming that Visa and Mastercard set artificially high interchange fees, resulting in inflated costs for businesses like yours. These fees are charged by the issuing bank to the merchant's acquiring bank (bank that processes the transaction) every time a customer uses a Visa or Mastercard card.
What is the current status of the Payment Card Interchange Fee Settlement?
The settlement was finalized on December 13, 2019. Currently, the deadline to file a claim is May 31, 2024.
Who is eligible for the Payment Card Interchange Fee Settlement?
Businesses that accepted Visa and Mastercard payments between January 1, 2004, and January 25, 2019, are automatically part of the settlement class unless they opted out.
How much money will I get back?
Unfortunately, the exact amount you can receive depends on various factors, including:
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The volume of Visa and Mastercard transactions processed during the eligible period.
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The types of cards accepted (debit versus credit, different card tiers).
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The specific interchange fees associated with your transactions.
