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Millions of Merchants Get Debit Notices

ARLINTON, Va. - Over 8.1 million merchants across the United States have been sent notices this month alerting them to the possibility that they might have a share in the billion dollar debit settlements from VISA and MasterCard. According to Cardweb.com, a World Wide Web site that tracks credit card...

By Staff Writer | Updated on August 05, 2003

ARLINTON, Va. – Over 8.1 million merchants across the United States have been sent notices this month alerting them to the possibility that they might have a share in the billion dollar debit settlements from VISA and MasterCard. According to Cardweb.com, a World Wide Web site that tracks credit card trends, a merchant who received a “notice of settlement” is already recognized on the list of participating merchants. Any merchant which accepted MasterCard or VISA credit card or debit card products since October 25, 1992, and which did not receive a settlement notice should contact the administrators of the case, the notice said. Combined VISA and MasterCard are expected to pay over $3 billion to merchants over the course of the next 10 years as the terms of the settlement of the legal fight with the retailers.

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