Www.PaymentCardSettlement.com – Visa-MasterCard Interchange Fee Class Action Lawsuit Settlement
The case is about the Visa and MasterCard swipe fee. Apparently the merchants or individuals who accepted Visa or MasterCard as a form of payment were overcharged will be be able to get reimbursement. How this can be accomplished can be found at the www.PaymentCardSettlement.com site. All those who are eligible will be able to file the claim The deadline to submit it however has not been set. It will only be set after the Final Fairness Hearing which will be held on September 12, 2013.
The benefits that you can receive for this fall into two funds. The first is the monetary fund. The total amount of this is $6.05 billion. The time period that this covers is between January 1, 2004 to November 28, 2012. The second is the fund that equates to a portion of the interchange fees. The time period that this covers eight months from July 29, 2013 and the amount is $1.2 billion. In addition the companies will have to modify certain rules. You can find out the details of the proposed classes at the www.PaymentCardSettlement.com site.
So basically there are 2 proposed classes. They are the cash settlement class and the rule changes settlement class. The first one is for everyone and all businesses that took Visa or MasterCard from January 1, 2004 to November 28, 2012. The second is for everyone and all businesses that accepted Visa or MasterCard in the United States from November 28, 2012 onwards.
All those involved in either or both of these cases are allowed to ask to not take part by submitting a request to be excluded. All such requests have to be submitted by May 28, 2013. In addition, all those involved in either or both of these cases can object to the settlement. The objection has to be submitted by May 28, 2013. There are details on how to either exclude yourself or object at the website.
If you are thinking that you may need a lawyer to represent you in this case, you can hire one. However, if you do hire one, you will have to pay for the expenses of the lawyer yourself. So this means that if your payment for the lawyer is larger than what you will receive in compensation, than you will be losing money. So my suggestion is not to hire a lawyer to represent you in the Visa-MasterCard Interchange Fee Class Action Lawsuit Settlement case. Instead, you can use the services of the legal or class counsel that is provided to you by the Court. If you use the services of the legal counsel provided to you, you do not have to pay. All the expenses has been taken care of. The amount paid these lawyers will actually come out of the settlement funds. The amount that they get will not exceed 11.5% of the settlement cash or the interchange fund.
You can preregister if you want at the site. Preregistration is optional and not required. However if you are a merchant and you have a number of different locations, then you are encouraged to preregister. The information that you provide in the preregistration will help the Claim Administrator in getting your claim form ready.
If you are confused about anything, you will have to go to the Visa-MasterCard Interchange Fee Class Action Lawsuit Settlement site and click on the Frequently Asked Questions or FAQ page. This will provide you all the information that you need. In fact this is where you should go first if you have questions. The questions are laid out in such an easy manner that you will be able to find your answers quickly. This is usually where I go to first if I am searching for an answer.
I recently heard in the news that the merchants who are being charged what is known as swipe fees will pass the fees to the customers. This means that if you use your cards to pay for your purchases, you will actually be paying what the credit card companies are charging the merchants for using their cards. I think this is so wrong on so many levels. Firstly why are the companies even charging swipe fees. Secondly why are the merchants passing the costs on to the customers? So if you do not want to be charged these fees, you will have to pay with cash all the time. What a nightmare that would be.
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