$5.54B Visa Mastercard Settlement Takes Time

In December of 2023, the settlement website went live and people could begin filing claims in the Payment Card Interchange Fee Settlement. Visa and Mastercard are accused of overcharging businesses for interchange fees and have settled for $5.54B, but how long will it take to get paid.

Well, if it’s any indication, notices began going out in the mail December 2023 and the administrator took until February 2024 to finish sending out 16 million postcards to businesses. Now even though the administrator did their best to locate eligible businesses, it is certain that thousands of businesses were missed along the way and many of the postcards mailed will be sent to outdated addresses.

The deadline to file is May 31, 2024 and we want to make sure you do not miss out! Even if you did not receive a postcard notice you are still able to check for eligibility. CARE can handle the entire process and it all starts with filing your claim. The administrator will review and audit all the claims submitted, which may take 12-18 months. After that, it could take another 12-18 months to process payments. In the end, you can expect to receive your money within 24-36 months.

If you want to have the experts on our team deal with your claim please reach out today at info@caresettlements.com. Your time is better spent focused on your core business and not on annoying paperwork, but note you can always file your own claim.

Disclaimer: Claim forms are available online at www.paymentcardsettlement.com. Class members need not sign up for a third-party service in order to recover their share of the settlement. No-cost assistance is available from the Class Administrator and Class Counsel. Find more information on the Court-approved settlement website: www.paymentcardsettlement.com