The Bank of America ATM Fee Settlement: What You Need to Know
Bank of America has officially agreed to a $2.25 million class action settlement to resolve allegations that the financial institution improperly charged its customers multiple out-of-network fees during single ATM visits. If you used your Bank of America debit card to check your account balance at a 7-Eleven convenience store between 2018 and 2021, you may be entitled to a cash payout.
While Bank of America denies any wrongdoing and maintains that its deposit account agreements authorized its fee practices, the company opted to settle the litigation to avoid the escalating costs and uncertainties of a prolonged court battle.
The Lawsuit: Double Charges at 7-Eleven ATMs
The federal class action lawsuit, officially known as Schertzer, et al. v. Bank of America, N.A., et al., was filed in the United States District Court for the Southern District of California. The complaint centers on a highly specific technical glitch and billing practice involving FCTI, Inc., the third-party company that operates the ATMs located inside 7-Eleven stores nationwide.
According to the plaintiffs, Bank of America customers were subjected to a deceptive system prompt. When a user initiated an out-of-network balance inquiry and then pressed “continue” to print their transaction receipt, the ATM network allegedly treated the receipt request as an entirely new inquiry. Consequently, Bank of America hit users with two separate, back-to-back out-of-network balance inquiry fees for a single transaction. Plaintiffs argued this double-charging constituted a blatant breach of their deposit account contract with the bank.
Who Qualifies for the Class Action Payout?
The settlement class is strictly defined by the bank’s transaction records. To be eligible for a piece of the $2.25 million settlement fund, you must meet all of the following criteria:
- You must be a current or former Bank of America account holder in the United States.
- You were charged more than one out-of-network balance inquiry fee during a single visit to an FCTI-owned ATM located inside a 7-Eleven store.
- The duplicated fee charges must have occurred within the specific window of May 1, 2018, and November 16, 2021.
- Crucial Exclusion: You are not eligible for this payout if you already submitted a valid claim and received compensation from the related lawsuit, Weiss v. FCTI Inc..
Current vs. Former Customers: How to Claim Your Money
The process for receiving your settlement funds depends entirely on the current status of your Bank of America account.
Current Account Holders: If your bank account is still open and active, you do not need to take any action. The settlement administrator will utilize existing banking records to identify you, and your proportional share of the settlement will be automatically credited directly to your account after the court grants final approval.
Former Account Holders: If you have closed your Bank of America account or moved to a different financial institution, you must file a formal claim to get paid. The settlement administrator has no way to automatically pay you, meaning if you skip this step, you forfeit your compensation. Former customers must submit their claim online or by mail by the strict deadline of June 29, 2026. Late claims may be accepted up until July 29, 2026, but it is highly recommended to file before the primary June deadline.
How to File: Claims are managed by Kroll Settlement Administration. You can file online at the official settlement portal, OONFeeSettlement.com, using the Class Member ID provided to you via email or postcard. Alternatively, you can mail a paper claim form to: Schertzer v. Bank of America, c/o Kroll Settlement Administration, PO Box 225391, New York, NY 10150-5391. For assistance, claimants can call 833-447-8321.
Payout Amounts and Settlement Distribution
Individual payout amounts have not yet been determined, as they operate on a pro rata basis. The total $2,250,000 gross settlement fund will first be reduced by court-approved deductions, which include up to $675,000 in attorneys’ fees, $35,000 in litigation costs, a $25,000 service award for the class representatives, and administrative expenses.
The remaining balance—the Net Settlement Fund—will be distributed equally among all current account holders and the former account holders who submit valid claims. Therefore, the final payout per person will hinge entirely on the total volume of claims processed.
Crucial Deadlines to Mark on Your Calendar
- June 29, 2026: The hard deadline for former Bank of America customers to file their claim forms.
- July 7, 2026: The final deadline for class members who wish to formally object to the settlement terms or opt out to retain their right to sue independently.
- August 21, 2026: The final fairness hearing in the U.S. District Court for the Southern District of California. If the judge grants final approval without any subsequent appeals, settlement payments are expected to be distributed to eligible consumers by late 2026 or early 2027.
