Americans can claim up to $2,500 from $15 million mobile payment service settlement – you must meet three criteria

IF you're one of the 50 million Americans who use a popular mobile payment app, you may be entitled to a payment from a $15 million settlement.

Cash App is facing a class action lawsuit regarding data breaches between 2022 and 2023.

The suit alleges that Cash App failed to protect consumers from the two breaches.

The 2022 breach allegedly involved an employee's unauthorized access to Cash App Investing accounts.

The 2023 breach involved a third party's unauthorized access using recycled phone numbers.

However, the settlement benefits Cash App customers whose account and personal information was obtained without consent or who experienced fraudulent withdraws or transfers between August 23, 2018, and August 20, 2024.

Cash App denied any wrongdoing but agreed to pay $15 million to resolve the class action lawsuit.

CLAIMING THE CASH

Under settlement terms, class members can receive up to $2,500 for documented losses related to the breaches.

This includes credit costs, bank fees, travel expenses, and up to three hours of lost time, which will be compensated at $25 per hour.

Class members who experienced fraudulent transactions because of the breaches can receive additional compensation if they provide sufficient documentation.

Records like receipts, bills, account statements, credit reports, and police reports will all be accepted.

Both current and former Cash App members may file claims.

The final day to file a claim is November 18.

CREDIT CARD CHAOS

Visa and Mastercard agreed to pay $5.6 billion in a settlement regarding excessive fees.

The lawsuit alleged that the companies violated antitrust laws, which the US government developed to protect consumers from predatory business practices.

Visa and Mastercard and the respective member banks allegedly violated the laws by setting interchange fees.

What's a class-action settlement?

Class action lawsuits offer groups of people, or 'classes,' a way to band together in court.

These suits are often brought by one or a few people who allege a company or other entity has wronged a large group of people.

When a suit becomes a class action, it extends to all "class members," or people who may have similar complaints to those who filed the suit.

Companies often settle class actions - offering payment to class members who typically waive their right to pursue further legal action by accepting money.

These payout agreements frequently include statements by the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.

Pollution, discrimination, or false advertising are a few examples of what can land a class action on a company's doorstep.

When a cardholder makes a purchase, an interchange fee is charged, usually 1% to 2% of the total price.

Visa and Mastercard customers were allegedly subjected to excessive interchange fees that could have been lowered or completely avoidable.

All persons, businesses, and other entities that have accepted any Visa or Mastercard cards in the United States between January 1, 2004, and January 25, 2019, could be eligible to receive a payment.

The deadline to file a claim is August 30.

Another settlement is offering payments of up to $8,500 stemming from a data breach.

Americans can also claim a payment worth $4,400 from a $1.5 million settlement.