If you’ve ever opened your bank statement and noticed an unexpected ATM fee, this settlement could be important. Bank of America has agreed to a $2.25 million settlement over allegations that some customers were charged fees for balance inquiries at certain 7-Eleven ATMs. If you used one of those machines during the covered timeframe, you may be eligible for a payment. Below is a clear summary of what happened, who may qualify, and what to expect from the settlement.
A lawsuit over balance inquiry fees
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The dispute arose from claims that Bank of America customers were charged more than they expected when checking account balances at certain ATMs. Plaintiffs alleged that customers who used Financial Company of Tri-State, Inc. (FCTI) machines located inside 7-Eleven stores were sometimes assessed two out-of-network balance inquiry fees for a single visit. The case focused specifically on those machines and how fees were applied during balance inquiries.
Settlement fund totals $2.25 million
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Bank of America agreed to create a $2.25 million settlement fund to resolve the claims without a trial. Class-action settlements like this are common because they reduce litigation costs and eliminate the uncertainty of a trial. After court approval and deduction of legal and administrative costs, the remaining funds will be distributed among eligible claimants.
Bank denies wrongdoing
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It’s important to note that settling a lawsuit does not necessarily mean a company admits fault. In this case, Bank of America denied any wrongdoing in court filings but agreed to the settlement to avoid further legal expense and uncertainty. That distinction is common in class-action resolutions.
Covered time period
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The settlement applies to qualifying charges that occurred between May 1, 2018, and November 16, 2021. Transactions outside that date range are generally not included. The span of more than three years means a broad group of customers across different regions could potentially be part of the class.
Only specific ATMs are included
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The lawsuit targeted only ATMs owned by FCTI and located inside 7-Eleven stores. That matters because many account holders use a variety of ATMs and may not realize who owns each machine. A fee charged by a different out-of-network ATM operator would not automatically qualify for this settlement simply because it appears on a statement.
Current customers may receive automatic payments
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Current Bank of America account holders who were notified about the settlement may receive payments automatically if the settlement receives final approval. Automatic distribution removes the burden of filing a claim for many participants and is a common feature in class actions to facilitate compensation for those who remain customers.
Former customers should file a claim
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People who no longer hold Bank of America accounts generally need to submit a claim through the settlement administrator’s website to receive payment. Missing the claim deadline could mean forfeiting a share of the settlement fund, so former customers should review the notice and file by the deadline if they believe they qualify.
Prior claimants excluded
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Customers who previously submitted valid claims and were paid in an earlier related case, Weiss v. FCTI, are excluded from receiving additional payments under this settlement. This prevents duplicate recovery for the same alleged conduct, a standard clause in class-action settlements.
Individual payouts depend on approved claims
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How much each eligible person will receive depends on the number of approved claims and the amount of fees designated as compensable. After legal fees and administrative expenses are deducted, the remaining fund will be divided among qualifying class members. More approved claimants generally means smaller individual payments; fewer claimants means larger shares.
Court must approve the settlement
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The settlement requires final court approval before funds are distributed. A judge will hold a fairness hearing to review the terms and determine whether the agreement is reasonable for the class. If the court approves the settlement, the claims process and distribution of payments will move forward according to the approved schedule.
If you think you might be part of the class and did not receive direct notice, check any settlement communications you received from Bank of America or contact the settlement administrator for confirmation. Reviewing your account statements for eligible transactions during the May 1, 2018 to November 16, 2021 period will help determine whether you should file a claim or expect automatic payment.