Bank of America ATM Fee Settlement: Are You Eligible for Cash?

Bank of America ATM showing $4 fee inside convenience store.

Bank of America's ATM Settlement: What It Means for You

Bank of America (BofA) recently agreed to a $2.25 million settlement stemming from a class action lawsuit regarding ATM fees charged at FCTI-owned machines located in 7-Eleven stores. According to the lawsuit, the bank allegedly breached its contract with customers who were charged multiple out-of-network fees when only one balance inquiry was performed at these ATMs between May 1, 2018, and November 16, 2021. This settlement could mean financial relief for numerous current and former BofA account holders.

Who Is Eligible for Compensation?

The specific criteria for eligibility are quite straightforward: U.S. customers who held a Bank of America checking account and incurred more than one out-of-network balance inquiry fee during a single visit to an FCTI ATM can potentially claim a share of the settlement funds. Notably, those who received compensation from an earlier settlement in 2024 (Weiss vs. FCTI) may be ineligible for this payout.

Your Automatic Payout: No Claim Form Necessary

If you're a current BofA account holder and received a notification regarding the settlement, you won’t have to file a claim. Payment will be automatically processed. However, past account holders must file a claim by July 29 to receive any part of the settlement.

What to Do If You Think You Qualify

For those unsure about their eligibility for the settlement, contacting the designated helpline at (833) 447-8321 is recommended, or visiting the settlement’s official website for further instructions. Additionally, if you desire to retain your rights to sue BofA directly, be sure to exclude yourself from the settlement before the July 7 deadline for objections.

The Broader Implications of Bank Fees

This settlement brings to light the importance of scrutinizing bank fees, particularly as the financial landscape evolves. With many consumers affected by hidden costs associated with ATM usage, understanding your rights and options regarding bank fees is crucial. For business owners, especially in sectors like healthcare or entrepreneurship, being aware of such settlements may aid in making informed decisions concerning banking relationships.

As the final approval hearing for the settlement approaches on August 21, 2026, it serves as a reminder for all consumers to remain proactive in understanding the fine print when it comes to financial services.

Financial Mindset & Behavior

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Bank of America ATM Fee Settlement: Are You Eligible for Cash?

Bank of America's ATM Settlement: What It Means for You

Who Is Eligible for Compensation?

Your Automatic Payout: No Claim Form Necessary

What to Do If You Think You Qualify

The Broader Implications of Bank Fees

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