A routine balance check at a 7-Eleven ATM should have triggered one out-of-network fee, not two, on your Bank of America statement.
For years, customers who used FCTI-operated machines inside those convenience stores were billed twice for a single inquiry without ever realizing it.
Bank of America has agreed to pay $2.25 million to settle a class-action lawsuit alleging it breached its own account agreements, USA Today reported. The settlement covers both current and former account holders who used those ATMs between May 1, 2018, and November 16, 2021.
Current customers do not need to take any action, as their payments will be processed automatically once the court grants final approval. Former account holders face a firm filing deadline of June 29, 2026; missing it means waiving any right to payment.
What the Bank of America 7-Eleven ATM fee lawsuit alleged
The case, Schertzer, et al. v. Bank of America N.A., was filed in 2019 in the U.S. District Court for the Southern District of California.
Lead plaintiff Kristen Schertzer and other customers alleged that the bank charged two out-of-network balance inquiry fees for a single transaction at FCTI-owned ATMs inside 7-Eleven stores,according to the official settlement website.
The plaintiffs argued that Bank of America’s deposit account agreements did not authorize multiple fees for a single balance inquiry during the same visit. Bank of America denied all allegations and chose to settle to avoid the cost and uncertainty of continued litigation, the report noted.
Who qualifies for the Bank of America 7-Eleven ATM fee settlement
The settlement website defines the class as Bank of America checking account holders in the United States who were assessed more than one out-of-network balance inquiry fee. Those fees must have been charged during the same visit to an FCTI-owned ATM inside a 7-Eleven store between May 1, 2018, and Nov. 16, 2021.
Although overdraft and nonsufficient funds fees are declining slightly, their impact on consumers remains unchanged. Unfortunately, these fees disproportionately penalize consumers who are already managing extremely tight balances.
Customers who already filed a valid claim and received payment through the earlier Weiss v. FCTI settlement covering the same ATMs are excluded from this round of compensation.
Current account holders who meet the class definition will receive their share automatically without filing any paperwork after the court grants final approval.
Former account holders who closed their Bank of America accounts after being charged the duplicate fees must submit a claim form by June 29, 2026.
The settlement administrator cannot automatically locate former customers, so filing before the deadline is the only path to payment.
Bank of America settlement covers customers who were charged duplicate ATM fees at 7-Eleven between 2018 and 2021, with automatic and filed claims required.
How the $2.25 million Bank of America settlement fund will be distributed
The $2.25 million settlement fund will first be reduced by several court-approved deductions before any payments are distributed to eligible customers, according to the settlement site.
Attorneys representing the class may receive up to 30% of the total settlement amount, which could equal as much as $675,000 if approved by the court.
In addition to legal fees, up to $35,000 may be deducted to cover litigation expenses accumulated during the case. The settlement also includes a service award for class representative Kristen Schertzer in recognition of her role in bringing the lawsuit, although the exact amount remains subject to court approval.
More Personal Finance:
- Fidelity has a warning for anyone who left a 401(k) at an old job
- Living trusts: what they do and who needs one
- Fidelity sounds alarm on 401(k)s, IRAs
Further deductions will cover administration costs paid to Kroll Settlement Administration, the firm responsible for processing notices, handling claims, and distributing payments to eligible class members.
After all approved fees and costs are deducted, the remaining net settlement fund will be distributed equally among eligible current and former account holders who submit valid claims. Each qualifying class member will receive the same pro rata payment regardless of how many duplicate charges they experienced, USA Today reported.
How to file a claim and key deadlines for the Bank of America ATM settlement
Former account holders can submit their claim form online at OONFeeSettlement.com or mail a paper form to Schertzer v. Bank of America, c/o Kroll Settlement Administration, PO Box 225391, New York, NY 10150-5391.
Customers with questions about eligibility can reach the settlement administrator toll-free at (833) 447-8321.
Eligible class members may have already received notice by email or postcard containing a class member ID needed to file. Those who file online can choose electronic payment or a paper check, while those who submit by mail will automatically receive a physical check.
Class members who wish to object to the settlement terms or exclude themselves from the class must do so by July 7, 2026. The court will conduct a final fairness hearing for approval on Aug. 21, 2026, after which approved payments will be distributed.
What Bank of America customers should know before the June 29 deadline
The Bank of America settlement highlights how small banking fees can escalate into larger legal disputes when customers believe the charges conflict with their account agreements.
At the center of the case were duplicate out-of-network balance inquiry fees tied to FCTI-operated ATMs inside 7-Eleven stores, with plaintiffs arguing they were charged twice for what should have counted as a single transaction.
Although Bank of America denied wrongdoing, the bank agreed to resolve the lawsuit through a $2.25 million settlement rather than continue years of litigation and additional court proceedings. For eligible current customers, the process will largely happen automatically once the settlement receives final court approval.
Former account holders, however, face a June 29, 2026, deadline to submit a valid claim to participate in the payout. After attorneys’ fees, litigation costs, administration expenses, and other approved deductions are removed, the remaining funds will be divided equally among qualifying class members.
Related: Bank of America resets ServiceNow stock price target sharply