Bank of America $BAC agreed to pay $2.25 million to settle a class-action lawsuit alleging the bank charged customers duplicate out-of-network fees for balance inquiries at ATMs inside 7-Eleven stores.
A lawsuit alleged the bank charged customers twice for balance inquiries at FCTI-owned ATMs inside 7-Eleven locations
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Bank of America $BAC agreed to pay $2.25 million to settle a class-action lawsuit alleging the bank charged customers duplicate out-of-network fees for balance inquiries at ATMs inside 7-Eleven stores.
The complaint centered on a billing practice in which customers making a single balance inquiry at FCTI, Inc.-operated ATMs inside 7-Eleven locations were hit with two separate out-of-network charges, which plaintiffs argued violated the bank's contractual obligations, according to USA Today. The period covered runs from May 1, 2018, through Nov. 16, 2021. The case is Schertzer, et al. v. Bank of America N.A., et al.
The bank has not admitted any liability. Court filings reviewed by CNBC show Bank of America cited a desire to escape "the burden, expense, risk, and uncertainty of continuing litigation" as its rationale for reaching a deal.
To qualify for a share of the fund, a person must have held a Bank of America checking account and had multiple out-of-network balance inquiry fees deducted from a single trip to a 7-Eleven ATM run by FCTI within the covered period, the settlement website said. Customers who previously received payment under an earlier settlement in Weiss v. FCTI, Inc. are not eligible.
Once legal fees and the costs of administering the settlement are subtracted from the total, whatever remains will be divided equally among those with approved claims. The per-person amount is not fixed and will be determined by the total number of claims ultimately submitted, the settlement website said.
For active Bank of America customers who were sent a settlement notice, no filing is required — assuming the court signs off, funds will flow directly into their accounts. People who no longer hold a Bank of America account will need to go to the settlement website and submit a claim before the July 29, 2026, deadline. Anyone seeking to opt out and preserve independent legal claims against the bank, or who wants to formally contest the settlement terms, faces a July 7, 2026, deadline to act.
A final approval hearing is scheduled for Aug. 21, 2026, at 1:30 p.m. PT. Those with questions about whether they qualify can reach the settlement administrator at 833-447-8321 or find additional details on the settlement website.
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