Bank of America customers who used ATMs inside 7-Eleven stores may be eligible for a payout as part of a $2.25 million class action settlement.
The lawsuit alleges that Bank of America improperly charged customers multiple out-of-network balance inquiry fees for what should have been a single ATM transaction, violating its contract with customers.
The disputed fees were tied to FCTI-owned ATMs inside 7-Eleven convenience stores and were charged between May 1, 2018, and November 16, 2021.
While Bank of America has not admitted any wrongdoing, it agreed to settle the case in order to avoid further legal costs and litigation. The settlement covers both current and former account holders who were affected by the alleged fee structure.
Class members are eligible only if they did not already receive payment under the Weiss v. FCTI lawsuit, which had a claim deadline in October 2024.
Under the terms of the agreement, current Bank of America customers do not need to take any action to receive compensation. If the settlement receives final court approval, payments will be automatically issued by the settlement administrator, per the Schertzer v. Bank of America NA settlement website.
Former customers, however, will need to file a valid claim form either online or by mail to receive their share of the settlement fund. Notices were sent to eligible individuals, and claimants will need information from those notices to complete the process.
The total settlement fund of $2.25 million will be distributed on a pro rata basis, meaning payments will vary depending on how many valid claims are submitted. Portions of the fund will also be used to cover attorneys’ fees, administrative costs and service awards for class representatives.
Anyone who wishes to exclude themselves from the settlement or object must do so by July 7, while the deadline to file a claim for eligible former customers is either online or by mail by July 29.
A final fairnesss hearing is set for August 21, and if the settlement is approved by the court, payments will then be distributed.
