Bank of America has agreed to a $2.25 million settlement in a class-action lawsuit over ATM fees charged at 7-Eleven stores. This settlement, which stems from a 2019 complaint, addresses a specific issue with Bank of America's contract with customers. The lawsuit alleged that Bank of America was charging excessive fees for balance inquiries at FCTI-owned ATMs located within 7-Eleven stores. Customers were being charged two out-of-network fees for a single balance inquiry, which is a clear breach of contract.
The settlement is a significant development for customers who may have been affected by these fees. Here's a breakdown of who is eligible for a payout and what you need to know.
Who's Eligible for Payouts?
The settlement is open to U.S. customers who held Bank of America checking accounts and were charged more than one out-of-network balance inquiry fee during a single visit to a FCTI-owned ATM in a 7-Eleven store between May 1, 2018, and November 16, 2021. It's important to note that those who received payments from a previous settlement in the case of Weiss vs. FCTI are not eligible for this payout.
How to Claim Your Payout
Eligible customers will receive a notice via email or postcard, or both. If you haven't received any communication, it's recommended to call (833) 447-8321 or visit the settlement website (https://www.oonfeesettlement.com/) for more information. It's worth mentioning that current Bank of America account holders do not need to take any action as they will automatically receive their payout.
Past account holders, however, must file a claim by July 29th. This process is straightforward and can be completed through the settlement website. If you wish to exclude yourself from the settlement or object to the court's decision, you must act by July 7th.
The Settlement Amount
The total settlement fund is $2.25 million, but the exact amount each eligible customer will receive is uncertain. The settlement class is described as 'so numerous' in court records, which means the distribution of funds will be equal among all eligible members.
No Action Required for Current Account Holders
One of the most significant aspects of this settlement is that current Bank of America account holders do not need to take any action. They will automatically receive their payout, ensuring a fair and efficient process for all involved.
Conclusion
This settlement is a victory for customers who have been affected by Bank of America's excessive ATM fees. It highlights the importance of holding financial institutions accountable for their actions and ensures that customers are not unfairly charged. As the settlement process unfolds, it will be crucial to keep an eye on the distribution of funds and the overall impact on Bank of America's operations.
