What is the Visa Mastercard Settlement?

The Visa and Mastercard settlement is a $5.54 billion agreement to compensate businesses that paid high fees to accept Visa and Mastercard credit cards between 2004 and 2019. The settlement was approved by the court in December 2019.

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The settlement was the result of a lawsuit alleging that Visa and Mastercard violated antitrust laws by:

Charging excessive interchange fees
Enforcing rules that prevented merchants from directing customers to other payment methods

Businesses that accepted Visa or Mastercard during the relevant time period may be eligible to receive a portion of the settlement funds. To receive payment, businesses must file a valid claim. Claim forms were mailed out in December 2023, and the deadline to file a claim is February 4, 2025.

The Visa Mastercard settlement Frequently Asked Questions (FAQs):

1. **What is the Visa/Mastercard Settlement?**

- The Visa/Mastercard settlement is a class-action lawsuit in which merchants alleged that Visa, Mastercard, and some banks colluded to fix interchange fees, which are the charges merchants pay to accept Visa and Mastercard credit and debit card payments.

2. **Who is eligible for the settlement?**

- Generally, any U.S. business that accepted Visa or Mastercard credit and debit card payments between January 1, 2004, and January 25, 2019, may be eligible. Eligibility depends on the specific terms of the settlement, which can vary.

3. **How much is the settlement amount?**

- The settlement amount is approximately $5.54 billion to $6.24 billion, depending on the total claims filed by eligible merchants.

4. **How do I file a claim?**

- Eligible merchants must file a claim with the settlement administrator. The official claims website or a notice sent to merchants typically provides instructions on filing. Merchants may also use third-party claim filing services, though fees may apply.

5. **What is the deadline for filing a claim?**

- The specific deadline for filing claims may vary and is often updated by the settlement administrator. Merchants should regularly check the official settlement website for current deadlines.

6. **How much money can I expect from the settlement?**

- The payout for each merchant will vary based on factors like the volume of transactions processed, the total number of claimants, and administrative costs. Individual payments are generally proportional to the fees paid.

7. **Are there any exclusions from the settlement?**

- Some merchants or transactions may be excluded, depending on factors like the time period of transactions and previous settlements or arbitration agreements with Visa and Mastercard.

8. **What happens if I don't file a claim?**

- Merchants who do not file a claim will not receive any payment from the settlement but may still be bound by the terms, including a release of certain claims against Visa, Mastercard, and related entities.

9. **Is there an appeal process?**

- Some merchants and merchant groups have raised objections or appeals regarding the settlement terms. If appeals arise, it may delay the finalization of the settlement.

10. **Will this settlement prevent future fee changes by Visa and Mastercard?**

- No, the settlement does not directly impact future fee policies of Visa or Mastercard. It addresses only past conduct, and fees may still change in the future.

11. **Where can I get more information about the settlement?**

- Click Here to get more information

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