ATM Fees Could Violate Antitrust Laws


Santa Clara, CA: ATM fees have come under fire in a recently filed antitrust class action lawsuit against major credit cards and US banks, including Visa and MasterCard. The allegations are that the financial institutions conspired to increase the cost to consumers of ATM fees.

The US Supreme Court recently ruled that the plaintiffs have grounds to move their claims forward, according to an article by Fortune. The justices stated that a lower court was wrong in its determination that consumers had no legal standing for the complaint.

The consumers are alleging that Visa and Mastercard embraced rules that prevented ATM operators from charging a reduced fee for transactions processed through an ATM by a competeing network, thereby protecting themselves from people using cheaper ATM networks to do their transactions.

There are also claims that the banks that hold shares in Visa and MasterCard benefited from the antitrust practices.

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Last updated March 30 2017

Reader Comments

Posted by
Glenn
on
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Posted by
Yolanda Brown
on
I am also charged a fee for using my MasterCard. At the ATM and paying my utilities 2 times that day and paying my sprint bill at the sprint store. They charge me $3 also to pay it. So that's charged 3 times for the day

Posted by
melody cromer
on
I also get charged every time 2 times once at the bank and then through the places I use it at such as food grocery stores and paying utilities!I want in on this lawsuit also plus my husband does also! It is a joint account!

Posted by
Richardo C Valdez
on
I also have been charged twice for atm fees

Posted by
Sonja
on
Get charged an extra fee for using my Visa card when I order food from a restaurant but neither visa nor the business is claiming ownership. Always charged extra fees for using the atm - up to $3.00 for the atm and then I am hit again by visa for an additional $2.50. Please add me to this lawsuit.

Posted by
katherine
on
i am on a fixed income and still get charged i cant afford it !

Posted by
Bradley Grisham
on
I have lost a lot of money because of them damn things always had to get charged an extra dollar or

Posted by
Jeffrey Delpin
on
Visa and Mastercard have charged me fees for atm,,transactions

Posted by
jd
on
My bank and credit cards both charge fees

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