Summary (tl;dr)

Bank of America has agreed to a $2.25 million class action settlement to resolve allegations that it improperly charged customers multiple out-of-network fees for single balance inquiries at certain ATMs located in 7-Eleven stores. Current Bank of America account holders eligible for compensation will receive payments automatically, while former account holders must file a claim.

Essential Background

Between May 1, 2018, and November 16, 2021, Bank of America customers who checked their account balances at FCTI-owned ATMs inside 7-Eleven convenience stores allegedly incurred two out-of-network fees for what should have been a single transaction. This practice led to a class action lawsuit claiming that Bank of America had breached its contract with customers by imposing these multiple fees for a sole balance inquiry. Bank of America has not admitted to any wrongdoing but opted to settle the case to avoid further litigation costs and uncertainties.

The Full Story

The $2.25 million class action settlement is currently in progress, stemming from the case Schertzer, et al. v. Bank of America N.A., et al. This agreement aims to provide compensation to Bank of America account holders who were subjected to the alleged overcharges at FCTI ATMs located in 7-Eleven stores. Current eligible Bank of America customers do not need to take any action, as they will receive their share of the settlement automatically upon final court approval. However, former Bank of America customers who qualify must submit a claim form by June 29, 2026, to receive a payment. A final approval hearing for the settlement is scheduled for August 21, 2026. It is important to note that individuals who previously received payment from a similar class action lawsuit, Weiss v. FCTI Inc., are not eligible for this current settlement.

Why It Matters

This settlement is significant as it provides financial recourse for Bank of America customers who were allegedly overcharged for basic ATM services, reinforcing consumer protection against potentially unfair banking practices. It underscores the importance of transparency in banking fees and holds financial institutions accountable for adhering to their customer agreements. The trending nature of this settlement highlights public interest in consumer rights and serves as a reminder for individuals to carefully review their bank statements for unexpected or questionable charges.

Geographic Location

• United States District Court for the Southern District of California, San Diego, San Diego County, California, United States (where the class action lawsuit Schertzer, et al. v. Bank of America N.A., et al. was filed)
• Nationwide, United States (where FCTI-owned ATMs in 7-Eleven stores allegedly charged improper fees)