The lawsuit's plaintiffs claim that due to Mastercard and Visa ATM network regulations, Americans who took out cash from bank-operated machines had to pay inflated access fees.

As per the Reuters-reported court filings, Visa has consented to pay $104.6 million and Mastercard $92.8 million as settlement amounts. Court clearance is still needed for the purchase.

The offer came after the card firms' appeal contesting a decision from a lower court was denied by the US Supreme Court in April.

Three banks, Wells Fargo, JPMorgan Chase, and Bank of America, reached a $66 million settlement in 2021.

Additionally, Visa and Mastercard are facing two similar class action lawsuits: one from independent cash machine owners and another from customers who use non-bank ATMs.