SKN | Bank of America Customers May Qualify for Payments in $2.25 Million ATM Fee Settlement

Key Takeaways:

• Bank of America agreed to a $2.25 million settlement tied to allegations involving multiple ATM balance inquiry fees charged at certain 7-Eleven locations.

• The lawsuit claimed some customers were charged more than one out-of-network balance inquiry fee during a single ATM visit involving FCTI-operated machines.

• Eligible customers must submit claims by July 29, 2026, with a final court approval hearing scheduled for August 21, 2026.

Bank of America Reaches ATM Fee Settlement

Bank of America customers may qualify for payments under a proposed $2.25 million class-action settlement involving ATM fees charged at certain 7-Eleven locations across the United States.

The lawsuit alleged that customers were improperly charged multiple out-of-network balance inquiry fees during a single ATM session at machines operated by FCTI, Inc. inside 7-Eleven stores.

The complaint, originally filed in federal court in California during 2019, claimed some customers were charged two balance inquiry fees despite making only one inquiry during a single ATM visit.

Bank of America Denies Wrongdoing

Although Bank of America denied any wrongdoing, the company agreed to settle the litigation in order to avoid additional legal costs, prolonged court proceedings, and the uncertainty associated with trial.

The settlement does not represent an admission of liability by the bank.

Class-action settlements involving banking fees and consumer financial practices have become increasingly common across the financial industry as regulators and customers continue scrutinizing fee disclosure and account practices.

Who May Qualify for the Settlement

The proposed settlement applies to U.S. customers who held Bank of America checking accounts and were charged more than one out-of-network balance inquiry fee during the same ATM session at FCTI-owned ATMs located inside 7-Eleven stores.

The eligibility period covers transactions occurring between May 1, 2018, and November 16, 2021.

Customers who previously received compensation through the separate 2024 Weiss v. FCTI settlement are not eligible for additional payments under this agreement.

Eligible individuals may already have received settlement notifications through email or postcard notices.

Claim Deadline and Payment Details

Customers seeking compensation must submit a claim through the official settlement website no later than July 29, 2026.

The exact payment amount each eligible claimant may receive has not yet been determined.

Settlement proceeds will be distributed equally among approved claimants after deductions for court-approved attorney fees, administrative costs, and related settlement expenses.

A final approval hearing for the settlement is currently scheduled for August 21, 2026.

ATM Fee Practices Remain Under Scrutiny

The case highlights ongoing scrutiny surrounding ATM fee structures, consumer banking charges, and disclosure practices within the financial services industry.

Out-of-network ATM fees have long been a source of customer complaints, particularly when multiple service providers are involved in processing transactions.

Consumer advocates and regulators continue paying close attention to how banks communicate fees tied to ATM usage, overdrafts, account maintenance, and other retail banking services.

Banks across the industry have increasingly faced litigation and regulatory reviews tied to fee transparency and consumer disclosure practices.

Banking Industry Faces Broader Consumer Focus

The broader banking industry continues operating under heightened regulatory and public attention regarding retail banking practices and customer treatment.

Financial institutions have increasingly focused on improving digital banking transparency, simplifying fee disclosures, and modernizing customer service systems in response to evolving consumer expectations.

At the same time, litigation involving transaction fees, overdraft policies, and payment processing practices continues creating operational and reputational risks for major financial institutions.

Outlook

Looking ahead, investors and regulators will likely continue monitoring how large financial institutions manage consumer fee practices, disclosure standards, and customer experience policies.

While the financial impact of the settlement remains relatively small for Bank of America, the case reflects broader industry pressure surrounding retail banking transparency and customer protection standards.

As digital banking usage and electronic transaction volumes continue expanding, fee-related litigation and compliance oversight are expected to remain ongoing themes across the banking sector.

For confidential insights on banking regulation, consumer finance trends, and financial sector developments, connect with the SKN team for professional engagement.