In 2024, Visa and Mastercard Offered Stores $30 Billion. A Judge Called the Savings "Paltry."

In June 2024, a federal judge in Brooklyn rejected a settlement Visa and Mastercard had signed with America's merchants. The merchants' lawyers valued it at nearly $30 billion. The judge agreed with the merchant groups that the roughly $6 billion a year in savings was "paltry" next to the $100 billion merchants paid in these fees in 2023. This is the story of interchange, the swipe fee built into almost every price you pay, and of the 21-year legal fight over it: a $7.25 billion deal thrown out on appeal, a $5.6 billion cash settlement, a debit-fee cap a truck stop is trying to overturn, and a new deal facing its final hearing on November 16, 2026. Every number is on screen with its source. Narration: AI voice. This is not financial advice. Chapters 0:00 Cold open 1:06 The $2.36 2:17 Everyone pays 3:26 Forever 5:03 The cash 5:40 The cap 6:55 Paltry 8:29 The new deal 10:03 November 16 Sources - Brodie, Memorandum & Order (June 25, 2024): https://www.govinfo.gov/content/pkg/USCOURTS-nyed-1_05-md-01720/pdf/USCOURTS-nyed-1_05-md-01720-51.pdf - Cogan, Memorandum Decision and Order (June 9, 2026): https://www.govinfo.gov/content/pkg/USCOURTS-nyed-1_05-md-01720/pdf/USCOURTS-nyed-1_05-md-01720-73.pdf - Second Circuit opinion (June 30, 2016): https://www.govinfo.gov/content/pkg/USCOURTS-ca2-12-04671/pdf/USCOURTS-ca2-12-04671-0.pdf - Second Circuit opinion (March 15, 2023): https://www.govinfo.gov/content/pkg/USCOURTS-ca2-20-00339/pdf/USCOURTS-ca2-20-00339-0.pdf - Gleeson fee order (Jan 10, 2014): https://www.govinfo.gov/content/pkg/USCOURTS-nyed-1_05-md-01720/pdf/USCOURTS-nyed-1_05-md-01720-19.pdf - Brodie, damages settlement approval (Dec 16, 2019): https://www.govinfo.gov/content/pkg/USCOURTS-nyed-1_05-md-01720/pdf/USCOURTS-nyed-1_05-md-01720-29.pdf - Equitable relief settlement website: https://www.interchangeequitablereliefsettlement.com/en - Damages class website: https://www.paymentcardsettlement.com/en - Visa 8-K (Nov 10, 2025): https://www.sec.gov/Archives/edgar/data/1403161/000140316125000093/v-20251110.htm - Visa 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm - Mastercard 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm - Federal Reserve: debit rule (2011) https://www.federalreserve.gov/newsevents/pressreleases/bcreg20110629a.htm · proposal (2010) https://www.federalreserve.gov/newsevents/pressreleases/bcreg20101216a.htm · proposal (2023) https://www.federalreserve.gov/newsevents/pressreleases/bcreg20231025a.htm · debit reports https://www.federalreserve.gov/paymentsystems/files/debitfees_costs_2023.pdf - Boston Fed, "Who Gains and Who Loses from Credit Card Payments?" (2010): https://www.bostonfed.org/publications/public-policy-discussion-paper/2010/who-gains-and-who-loses-from-credit-card-payments-theory-and-calibrations.aspx - Swipe-fee totals (Nilson data via the Merchants Payments Coalition, a merchant group): https://merchantspaymentscoalition.com/credit-and-debit-card-swipe-fees-reach-record-19825-billion-president-and-congress-call-action - Department of Finance Canada (Oct 17, 2024): https://www.canada.ca/en/department-finance/news/2024/10/government-reduces-credit-card-fees-by-27-per-cent-for-small-business-owners.html - Credit Card Competition Act of 2026 (S.3623): https://www.congress.gov/bill/119th-congress/senate-bill/3623 - Payments Dive (Walmart objection, Sept 15, 2026; networks' reply, Oct 16, 2026): https://www.paymentsdive.com/news/walmart-slams-card-fee-pact-again/830395/ · https://www.paymentsdive.com/news/visa-mastercard-urge-court-to-approve-fee-settlement/833241/ - $38B estimate (plaintiffs' economists, via Reuters/US News): https://money.usnews.com/investing/news/articles/2026-06-09/us-judge-oks-visa-mastercard-38-billion-swipe-fee-settlement - Corner Post coverage: https://www.consumerfinancemonitor.com/2025/08/14/nd-district-court-invalidates-longstanding-debit-card-interchange-rule/ · https://www.courthousenews.com/eighth-circuit-presses-federal-reserve-on-21-cent-debit-card-fee-cap/ Footage: Pexels (Pexels License). Thanks to AamirSomewhere, Altaf, Anvar, Athena, august-de-rich, CityXcape, cottonbro, dudubangbang, ekaterina-bolo, Erick, Glimpses Into, gustavo-fring, In Old News, kampus, karola-g, kelly, Kiwi, leeloothefirst, Lukas, LukaszRadziejewski, maxmedyk, Mikhail-Nilov, Ming, MrColo, rdne, Richarles, Sammy, Sarowar, Sora-Shimazaki, THALES13. Instagram: https://www.instagram.com/moneymachinesdocs/ TikTok: https://www.tiktok.com/@moneymachinesdocs