Bank of America Settles $2.25 Million Class Action Lawsuit
Bank of America has reached a settlement agreement amounting to $2.25 million concerning a class action lawsuit that claimed the bank overcharged customers on ATM fees at 7-Eleven locations.
This agreement, made public recently, could provide compensation for thousands of checking account holders who utilized specific ATMs between 2018 and 2021.
Interestingly, no evidence of wrongdoing has to be presented—though Bank of America denied any misconduct as part of the settlement. Still, they opted to resolve the matter rather than pursue a court battle.
The lawsuit was initially filed in a federal court in Southern California and asserts that Bank of America charged customers two fees for a single balance inquiry at FCTI-owned ATMs located in 7-Eleven stores.
As per the complaint, these machines were supposed to impose just a one-time fee for such inquiries.
The alleged overcharging reportedly took place from May 1, 2018, to November 16, 2021.
To qualify for a payout, individuals must have had a Bank of America checking account, used one of the 7-Eleven ATMs, and incurred an additional fee during the specified period.
Customers looking to reclaim fees must ensure they have not already accepted a separate settlement related to FCTI, Inc.
If you’re qualified and still maintain a Bank of America account, you might have received a notification via email or postcard. If so, no action is needed on your part—the check will be issued automatically once the court grants final approval.
If you’ve closed your account, however, you’ll need to complete a straightforward online claim by July 29 to secure your share.
At this point, it remains unclear how much each eligible person will actually receive. The $2.25 million will be divided among those who qualify, and court documents indicate that the group involved is so extensive that estimating the average payout is challenging.
Individuals wishing to opt out and retain their right to sue Bank of America individually must notify the court by July 7.
Similar deadlines apply for anyone wanting to contest the transaction. A final approval hearing is scheduled for August 21.
This case originates from a complaint filed in 2019, with both parties indicating that they sought to avoid the costs and delays associated with a trial.
ATM fees have long been a concern for consumers. Typically, banks and ATM operators charge fees when customers use machines outside their network, adding to the direct fees associated with ATM transactions.
Consumer advocates point out that these fees can accumulate quickly, particularly for those who don’t live near their bank branches.
In fact, ATM fees have hit all-time highs recently, with the average cost for out-of-network withdrawals recorded at $4.86 last year, up from $4.77 in 2024, according to Bankrate.com.
