The two largest credit card companies have agreed to a multi-million-dollar settlement in a class-action lawsuit concerning ATM fees.
Reuters reported Visa and Mastercard will pay a combined $167.5 million to settle the suit that accused the companies of conspiring to keep ATM access fees artificially high.
If accepted by a federal judge, the agreement would see millions of customers be reimbursed for the fees they paid to withdraw money from non-bank ATMs.
Visa is slated to pay $88.8 million while Mastercard will pay $78.7 million, which will be sent to a settlement fund that will be used to pay people who were hit by the fees since October 2007.
The lawsuit was filed in 2011 and accused the companies of preventing ATM operators from charging lower fees.
Click here to read the lawsuit.
A separate lawsuit alleged that the two companies overcharged customers at bank-owned ATMs. Visa and Mastercard agreed to pay a combined $197.5 million in the case.
Another lawsuit filed by the independent ATM owners is pending.
Of the settlement, the attorneys for the plaintiffs have asked for up to 30% of the fund, or about $50 million for legal fees, Reuters reported.
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