Updated

Updated · The Independent · May 13

Bank of America Agrees $2.25 Million ATM Fee Settlement for 2018-2021 7-Eleven Charges

Updated

Updated · The Independent · May 13

Bank of America Agrees $2.25 Million ATM Fee Settlement for 2018-2021 7-Eleven Charges

Q: Have hidden ATM fees for simple balance checks stopped since this multi-million dollar settlement?

No. The settlement does not show that hidden ATM fees for simple balance checks have broadly stopped. What it does show is that Bank of America agreed to pay $2.25 million to resolve claims that, at certain FCTI-operated ATMs inside 7-Eleven stores, customers were charged more than one out-of-network balance inquiry fee for what was allegedly a single inquiry between May 1, 2018, and Nov. 16, 2021. The bank denied wrongdoing and settled to avoid further litigation. That settlement is backward-looking: it compensates affected customers for past charges. The available information does not say Bank of America or the wider ATM industry has eliminated all similar fees since then. It also does not establish that balance-check fees themselves are banned; the case focused on alleged duplicate fees tied to one transaction. The broader reporting points in the same direction. Other ATM-fee settlements have mainly involved out-of-network withdrawal surcharges, not simple balance checks. Consumer guidance still urges people to read on-screen fee disclosures and monitor statements, which suggests unexpected ATM charges remain a live issue. So the practical answer is narrower than the headline might imply: this case addressed one alleged fee practice at a specific set of ATMs during a defined period. It may have curbed that particular conduct, but there is no clear evidence from the settlement record that hidden balance-inquiry fees have stopped across the board.

Q: How much of the $2.25M settlement did customers get after legal and administrative fees were deducted?

Customers did not receive the full $2.25 million. The amount available to class members was the net settlement fund, which was roughly $1.515 million at most before any final administration overages or court adjustments. That estimate comes from subtracting the disclosed deductions from the $2.25 million total: up to $675,000 in attorneys’ fees, up to $35,000 in litigation costs, up to $25,000 in service awards for class representatives, and settlement administration costs that were capped at about $35,000 in the reporting provided. Using those figures, the deductions total about $770,000, leaving about $1.48 million for customers. Some reports describe the $35,000 figure as attorneys’ costs and list administration costs separately as still to be finalized. Under that reading, the customer pool would be $1.515 million minus whatever the final administration costs turned out to be. So the precise final amount depended on what the court approved and the actual administration bill. In practical terms, customers as a group were set to receive about $1.48 million to $1.515 million, with each person’s payment determined on a pro rata basis depending on the number of valid claims.

3 articles · Updated · The Independent · May 13

$2.25 million will be paid to Bank of America customers who were allegedly charged multiple out-of-network balance inquiry fees at FCTI ATMs inside 7-Eleven stores between May 2018 and November 2021.
The suit says those fees were stacked onto what should have counted as a single ATM transaction, breaching customer contracts; Bank of America denied wrongdoing but settled to avoid further litigation costs.
Current customers will receive payments automatically if the court approves the deal, while former customers must file a valid claim by July 29 using information from settlement notices.
July 7 is the deadline to opt out or object, and an Aug. 21 fairness hearing will determine whether the settlement can proceed to pro rata payouts after fees and administrative costs.