Bank of America has agreed to pay $2.25 million to settle a class-action lawsuit accusing it of overcharging customers on ATM fees at 7-Eleven stores.
The deal, announced this week, could put money in the pockets of thousands of checking-account holders who used certain ATMs between 2018 and 2021.
No one has to prove wrongdoing — Bank of America denied any as part of the agreement — but the bank chose to settle rather than fight the case in court.
The class-action suit originating in federal court in southern California alleged Bank of America slapped customers with two “out-of-network” fees just for making a single balance inquiry request at FCTI, Inc.-owned ATMs located in 7-Elevens.
The machines were supposed to charge only one fee for a balance inquiry, according to the complaint.
The alleged overcharges happened from May 1, 2018, to Nov. 16, 2021.
To qualify for a payout, you must have had a Bank of America checking account during that time, used one of those 7-Eleven ATMs, and been charged the extra fee.
Customers looking to claw back fees must not have already received money from a separate 2024 settlement against FCTI, Inc. itself.
If you qualify and still have an account with BofA, you may have received a notice by email or postcard. In that case, you don’t have to do anything. A check is set to arrive automatically once the deal wins final court approval.
If you closed your account, you’ll need to file a simple claim online by July 29 to get your share.
Exactly how much each person gets isn’t known yet. The $2.25 million pot will be divided equally among everyone who qualifies.
Court papers call the group “so numerous” that no one can say for sure how many people are involved or what the average check will be.
Anyone who wants to opt out — and keep the right to sue the bank separately — must notify the court by July 7.
The same deadline applies if you want to object to the deal. A judge will hold a final approval hearing on Aug. 21.
The case began with a complaint filed in 2019. Both sides said they settled to avoid the time and expense of a trial.
ATM fees have long been a sore spot for consumers.
Banks and ATM owners typically charge customers who use machines outside their own network, on top of any fee the machine itself tacks on.
Consumer advocates say the charges add up fast, especially for people who don’t live near a branch of their own bank.
Recent years have seen ATM fees hit record highs. The average cost to make an out-of-network withdrawal hit $4.86 last year, according to Bankrate.com, up from $4.77 in 2024.