Bank of America 7 Eleven settlement: $2.25M payouts
Consumers hit with repeated ATM balance inquiry fees now have a path to compensation through the Bank of America 7 Eleven settlement involving FCTI‑operated machines in convenience stores. What is the Bank of America 7‑Eleven settlement about？ The Bank of America 7‑Eleven settlement stems from a class action lawsuit, Schertzer, et al. v. Bank of America N.A., et al., Case No. 3:19-cv-00264-DMS-MSB. Plaintiffs alleged that Bank of America improperly charged customers multiple out-of-network balance inquiry fees during a single visit to certain FCTI-owned ATMs located in 7‑Eleven stores. According to the complaint, some customers incurred more than one out-of-network balance inquiry fee even though they believed they were making only one balance check. Therefore, the lawsuit focused on whether Bank of Americas fee assessment practices at these FCTI 7‑Eleven ATMs were unfair or deceptive. Bank of America has agreed to pay $2.25 million to resolve the case. However, as is typical in many financial services settlements, the bank has denied any wrongdoing and maintains that its practices complied with applicable rules and disclosures. Who qualifies for compensation under the settlement？ Eligibility is narrowly defined. The settlement applies only to specific ATM transactions and a specific time period. Consequently, not every Bank of America customer who used