Customers of Bank of America may be on track to receive compensation from a $2.25 million class-action settlement concerning ATM fees incurred at 7-Eleven convenience stores. The lawsuit was initiated in 2019, alleging that the bank wrongfully charged customers multiple balance inquiry fees for a single transaction, despite only one balance inquiry being conducted, as outlined in court documents.
The fees in question were applied at out-of-network ATMs operated by FCTI, Inc., situated within 7-Eleven locations. To evade the substantial costs of continuing the litigation and to bypass a trial, both parties came to the agreement regarding the settlement, as indicated on the settlement website.
The notification further explained, “As a result, the Settlement Class Members will receive relief now rather than years from now, if at all,” emphasizing the prompt resolution for those affected.
Customers eligible for compensation include Bank of America account holders who were charged more than one out-of-network balance inquiry fee during visits to FCTI, Inc.-owned ATMs within 7-Eleven stores from May 1, 2018, until November 16, 2021. Eligibility requires that customers did not make a valid claim and receive payment in the prior lawsuit Weiss v. FCTI.
Settlement class members will obtain their share of the remaining funds after expenses have been deducted, with the amounts determined based on the number of current accountholders and the valid claims submitted by previous accountholders.
Affected customers may receive notices via mail or email regarding their eligibility and the settlement process.
The settlement has received preliminary approval, and a court hearing for final approval is set to take place in the upcoming months, specifically on Friday, August 21. It’s important to note that Bank of America has denied any allegations of wrongdoing associated with the case.
