Note to business owners: If you accepted Visa or Mastercard credit card payments between 2001 and 2021, you may be eligible for a class action refund of up to $5,000.
That charges alleged to Visa, Mastercard and a group of banks for conspiring to impose high transaction fees on merchants while preventing them from rejecting the highest-fee credit cards.
In the settlement reached in late May, Visa, Mastercard and the affected banks do not admit liability but agree to pay $130 million to Canadian companies that accepted their credit cards between March 23, 2001 and September 2, 2021 to have.
Reimbursement is $30 per year up to a maximum of $600 for businesses with less than $5 million in annual revenue. No proof is required and the claim takes place online in five minutes.
Businesses with annual sales greater than $5 million can receive $250 per year, up to a maximum of $5,000. However, supporting documents are required.
Note that businesses that have gone out of business are also eligible for the refund if they accepted card payments at any time during the affected period.
The deadline for filing a claim is September 30, 2022. The time to obtain compensation depends on the total number of claims; You may have to wait up to a year to receive payment by check or wire.
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