Kevin Carter / Getty Images
Bank of America $BAC +0.34% agreed to pay $2.25 million to settle a class-action lawsuit alleging the bank charged customers duplicate out-of-network fees for balance inquiries at ATMs inside 7-Eleven stores.
According to USA Today, the complaint — brought before a federal court in southern California — centered on a billing practice in which customers making a single balance inquiry at FCTI, Inc.-operated ATMs inside 7-Eleven locations were hit with two separate out-of-network charges, which plaintiffs argued violated the bank's contractual obligations. The period covered runs from May 1, 2018, through Nov. 16, 2021. The case is Schertzer, et al. v. Bank of America N.A., et al.
The bank has not admitted any liability. Court filings reviewed by CNBC show Bank of America cited a desire to escape "the burden, expense, risk, and uncertainty of continuing litigation" as its rationale for reaching a deal.
To qualify for a share of the fund, a person must have held a Bank of America checking account and had multiple out-of-network balance inquiry fees deducted from a single trip to a 7-Eleven ATM run by FCTI within the covered period, the settlement website said. Customers who previously received payment under an earlier settlement in Weiss v. FCTI, Inc. are not eligible.
