In a recent settlement that could have far-reaching implications, leading card companies Visa and MasterCard have agreed to a combined $197.5 million payout over allegations of excessive ATM surcharge fees. The total settlement of the class action lawsuit comes to a whopping $264.24 million, including previous settlements with top American banks such as JP Morgan, Wells Fargo, and Bank of America to the tune of nearly $66 million. The lawsuit alleged that these financial institutions violated federal antitrust laws by imposing restraints that inflated ATM surcharge fees, also known as access fees, paid by customers. The suit claimed that Visa and MasterCard, along with the member banks, set artificially high levels of interchange fees or "swipe fees". This, coupled with rules that limited merchants from guiding customers to other payment methods, insulated the card companies from competitive pressure to lower their fees, resulting in higher earnings at the expense of consumers. The lawsuit's allegations, if true, represent a significant violation of consumer protection laws. Although Visa, MasterCard, and the banks involved have denied these allegations, the case underscores the broader issue of potentially unfair business practices within the banking industry. Those eligible for a payout are customers who paid a surcharge for withdrawing cash from a bank ATM in the U.S. between October 1, 2007, and July 26, 2024. This case highlights the importance of consumer protection laws and the need for transparency and fairness in fee structures. It also suggests that similar legal action could occur if other financial institutions are found to be engaging in similar practices. This could lead to stricter regulations in the banking industry to prevent unfair surcharge and interchange fees.