How to Claim Visa Mastercard Settlement Money

After two decades of litigation that began January 1, 2004, the claim submission process is now open for the 12 million US retail businesses that accepted Visa and Mastercard payments from January 1, 2004, to January 25, 2019.

In a class-action lawsuit, the credit card companies were accused of working together to price-fix and inflate interchange fees to merchants during this 15-year period. The $5.54 billion payment card interchange fee settlement was reached on March 15, 2023, marking the biggest antitrust class-action settlement in US history.

The deadline to submit a claim is:

• Mail: February 4, 2025, by mail (postmark)
• Online: 2:59 am ET/11:59 pm PT February 4, 2025

How much will merchants get from the Visa Mastercard settlement?

Every merchant with an approved claim can expect to receive something, but the amount can't be determined until all the claims are received and processed. This could take 18 to 24 months or more.

The amount will also depend on each merchant's actual or estimated Visa and Mastercard interchange fees paid between January 1, 2004, and January 25, 2019, as well as the total settlement money available, minus the cost of the settlement.

The cost of the Visa Mastercard class-action settlement is approved by the court and includes:

• Settlement administration and notice
• Taxes on the settlement fund
• Monetary awards for the services of class plaintiffs
• Attorney fees and expenses

How to claim Visa Mastercard settlement money

There are two ways to submit a claim, and the first comes with a bigger time commitment.

Submitting a claim on your own makes you personally responsible for gathering detailed interchange data for the 15-year transaction period.

A court-authorized settlement website is available for:

• Online claim submissions
• More information and direct points of contact
• Answers to extensive frequently asked questions

You could also get assistance from a claims settlement service, which will gather the data for you but take a percentage of the claim awarded in return.

Finding a claims settlement service

Many banks have partnered with claims settlement services on behalf of their customers.

First Citizens has partnered with Managed Care Advisory Group, or MCAG. If you're a current customer, MCAG can help:

• Guide you through the claim and settlement process
• Gather payment data across financial institutions and analyze it for you
• Submit your payment card settlement claim form on your behalf
• Track your claim status

To register for assistance as a First Citizens Merchant Services customer, visit MCAG's Visa and Mastercard settlement page. MCAG will accept submissions through January 17, 2025, in order to file by the February 4 deadline.

The MCAG program is optional, and there are no upfront fees. MCAG charges an all-inclusive, contingent fee of 25% of claims awarded. For additional information, call the MCAG hotline at 800-355-0466.

We encourage you to start weighing your options in advance of the claim filing deadline of February 4, 2025, by mail (postmark) or 2:59 am ET/11:59 pm PT, February 4, 2025, online. If you plan on using MCAG's services, you must file by January 17 to ensure your claim is submitted by the February 4 deadline.