The average out-of-network ATM fee hit a record $4.86 in 2025, and now Bank of America has agreed to send some of its own customers a check over a different ATM problem: getting hit twice for the same fee. It's a small settlement by big bank standards, but it fits a broader pattern of fee-related litigation hitting the major banks.
What Actually Happened
A class action filed in California back in 2019 claimed Bank of America breached its contract with customers by charging two out-of-network balance inquiry fees during a single ATM visit at FCTI-owned ATMs inside select 7-Eleven stores. The window covered runs from May 1, 2018 through November 16, 2021.
Bank of America denied any wrongdoing but agreed to pay $2.25 million to make the case go away. In court filings, the bank said it settled to avoid the cost and risk of continued litigation, not because it did anything wrong.
A final approval hearing is set for August 21, 2026, after which payouts can begin moving.
We break down the moves Wall Street is actually watching every morning at Market Briefs - in five minutes a day, plus a free investing masterclass when you join.
Who Gets Paid, And When
Eligible customers will split the $2.25 million fund evenly after lawyer fees and admin costs come out, so the actual per-person check depends on how many people file. Current Bank of America deposit account holders who got a notice don't need to do anything, since the payout should be auto-deposited.
Former customers have to file a claim through the settlement website by July 29, 2026, while anyone who wants to object or opt out has until July 7, 2026.
Customers who already got paid in the earlier Weiss v. FCTI case are not eligible for this one.
What To Watch
For investors, a $2.25 million payout barely shows up on a bank that pulled in $113.1 billion in revenue in 2025. The bigger issue is the pattern, since ATM and overdraft-style fee cases keep landing in court, and big banks keep settling them quietly.
That's a slow, steady drag on fee income lines, which is why digital-first banks like Ally and credit unions like Alliant lead with fee-free ATM access.
The settlement is small - the trend behind it isn't.
Sign up for Market Briefs and get the daily newsletter plus a free 45-minute investing masterclass thrown in when you join.
