Bank of America has agreed to pay $2.25 million to settle allegations that customers were improperly charged ATM access fees at 7-Eleven locations.
Regulators said the bank failed to provide required fee disclosures before transactions were completed.
Eligible customers may receive refunds under the settlement agreement, which resolves claims without an admission of wrongdoing.
Regulators in several states report that Bank of America will pay $2.25 million in a settlement with consumers who say they were improperly charged ATM fees at machines located inside 7-Eleven convenience stores.
The settlement resolves claims that customers were assessed fees without receiving legally required disclosures before completing withdrawals or balance inquiries at certain ATMs operated in partnership with 7-Eleven. Regulators said consumers may not have been adequately informed that they would incur surcharges when using the machines.
Authorities alleged that the disclosure failures violated consumer protection laws designed to ensure transparency in electronic banking transactions. The issue reportedly affected transactions conducted over multiple years at ATMs in several states.
Restitution to consumers
Under the agreement, Bank of America will pay monetary penalties and provide restitution to affected customers. The bank did not admit wrongdoing as part of the settlement but agreed to improve its compliance and oversight procedures involving ATM fee notifications.
Consumer advocates say the case highlights ongoing concerns about so-called “junk fees” in banking and financial services. ATM surcharges, overdraft fees and other service charges have faced increasing scrutiny from regulators and lawmakers in recent years, particularly when consumers are not clearly informed in advance.
The bank’s response
Bank of America said it cooperated with investigators and has already taken steps to address the issue. The bank stated that transparency for customers remains a priority and that systems have been updated to ensure fee disclosures comply with applicable regulations.
Customers who believe they were improperly charged may be contacted directly regarding potential reimbursement eligibility, depending on the terms of the settlement administration process.
The settlement is the latest in a series of enforcement actions targeting financial institutions over consumer fee practices. Regulators have increasingly focused on ensuring banks provide clear disclosures and avoid charging fees that consumers may not reasonably expect.