Bank of America has agreed to pay $2.25 million to settle a class action lawsuit alleging the bank improperly double-charged customers for balance inquiries at ATMs inside 7-Eleven stores—and some customers may be entitled to a share of that money.
What the Lawsuit Was About
The suit, originally filed in 2019 in the U.S. District Court for the Southern District of California, accused Bank of America of breaching its contract with account holders by charging two separate out-of-network fees for a single balance check. The ATMs in question were owned and operated by FCTI, Inc., the company that manages ATM machines inside 7-Eleven locations. Customers alleged they were hit with a second fee on top of the standard inquiry charge for the same transaction—something the lawsuit argued violated what account holders were contractually promised.The case is formally known as Schertzer v. Bank of America, and the settlement is administered by Kroll Settlement Administration.
Who Is Covered
Not all customers need to take the same steps to receive a payment. Eligible customers fall into two categories:- Current Bank of America account holders who receive an email or postcard notice do not need to do anything. They will automatically receive an equal, pro-rata share of the net settlement proceeds once the court grants final approval.
- Former account holders must submit a valid claim form to be eligible for the same type of payout.
Key Deadlines
Customers have a limited window to act. Here are the dates that matter:- June 29—Deadline for former account holders to submit claim forms.
- July 7—Deadline to opt out of the settlement, preserving the right to sue Bank of America independently, or to file a written objection with the court.
- Aug. 21—A final fairness hearing is scheduled at 1:30 p.m. PT, at which a federal judge will decide whether to grant permanent approval of the deal. Class members who wish to speak at the hearing must first submit a notice of intent to appear.
Fidelity Investments has agreed in its own separate settlement to pay $2.5 million to resolve a separate class action stemming from a data breach that exposed customers' financial account and routing numbers over three days in August 2024. That case is being heard in the U.S. District Court for the District of Massachusetts. Affected Fidelity customers can submit claims for cash payments of up to $5,000 at fidelitydatasettlement.com before a July 27, 2026, deadline. Fidelity has denied any wrongdoing.