MasterCard refunds - the latest

MasterCard refunds - the latest
9 September 2016

We told you about the potentially massive fine that Mastercard are looking at, and how that could see millions of customers getting compensation.

There's talk of £14 billion leaving Mastercard's account, and in the latest on all this, yesterday, lawyers filed their case at the Competition Appeal Tribunal.

The lawyers think that (up to) 46 million people in Britain who made payments with their cards between 1992 and 2008, could end up with a refund of some kind from Mastercard.

Many won't care about why this is happening, and will just happily take the money doled out to them, and consider it a bonus.

For those that are interested, this all focuses on interchange fees paid by stores on debit or credit card ­transactions. It is being argued that these fees were passed onto you, while you were shopping, through higher prices.

This claim is being made by former financial services ombudsman Walter Merricks, under the new Consumer Rights Act 2015.

He says: "MasterCard charged billions of pounds of unlawfully high fees for its sole benefit and to the detriment of consumers."

Of course, MasterCard aren't having any of it. They said: "We firmly disagree with the basis of this claim and we intend to oppose it vigorously."

It doesn't look good though, as only two months ago, MasterCard were ordered to cough up £68 million to settle a interchange fee dispute with Sainsbury's.

So what do you need to do? At the moment, nothing.

It might be 2018 before you hear more on this, because the case actually has to be made and heard first, so sit tight. There could be a couple of hundred quid in it for you, which is nice.

TOPICS:   Banking

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