If you’ve seen headlines saying Bank of America users may receive compensation from a fee settlement, here’s the short version: it’s real, it’s narrow, and the timing matters more than most coverage lets on. A $2.25 million deal resolves claims that the bank charged some customers more than one out-of-network balance-inquiry fee per ATM visit at 7-Eleven machines. The claim-filing window has already closed, but a large group of people are still set to be paid automatically.
We’ll walk you through exactly who qualifies, why the mechanism matters, what current versus former customers should expect, and how to tell a legitimate settlement notice from a phishing attempt using the same case name.
What happened
The case is Schertzer, et al. v. Bank of America, N.A., and it centers on a specific, easy-to-miss charge: the out-of-network (OON) balance-inquiry fee. Customers alleged that when they used FCTI-operated ATMs inside 7-Eleven stores, Bank of America hit them with more than one balance-inquiry fee during a single visit — effectively double-dipping on a check-your-balance tap that should have cost one fee at most.
Bank of America agreed to pay $2.25 million to settle the claims. As is standard in these deals, the bank denies wrongdoing and admits no liability; it’s paying to end the litigation, not conceding it broke the law. The class period runs from May 1, 2018 through November 16, 2021 — the charges outside that window aren’t part of this settlement.
Two dates drive everything that follows. The claim-filing deadline was June 29, 2026, and the final approval hearing was held August 21, 2026 — the day before this update. As of publication the court had not yet issued a final ruling, so treat the outcome as pending. No money moves until a judge grants final approval and any appeal period runs out.
Who is affected by the Bank of America settlement
You’re likely in the class if all of the following are true:
- You held a Bank of America consumer checking or deposit account.
- You were charged more than one OON balance-inquiry fee in a single visit at a 7-Eleven ATM operated by FCTI.
- The charge landed between May 1, 2018 and November 16, 2021.
There’s one important carve-out: people already compensated through the separate 2024 Weiss v. FCTI settlement are excluded here. That earlier case covered overlapping conduct from the ATM operator’s side, and the court won’t pay you twice for the same fee.
The distinction that trips people up is current versus former accountholders:
- Current Bank of America customers generally do not need to file a claim. If you still bank there and you were charged, you’re set to receive an automatic credit or payment once the settlement is final.
- Former customers — people who’ve since closed their accounts — had to submit a claim by the June 29 deadline to get paid, because the bank can’t simply credit an account that no longer exists.
Product or service details: what an OON balance-inquiry fee actually is
An out-of-network ATM charge usually comes in two flavors: a withdrawal fee and, separately, a balance-inquiry fee just for checking how much you have. The balance-inquiry fee is the small, forgettable one — often a couple of dollars — that many people never notice on a statement.
The alleged glitch here was duplication. On the FCTI-owned machines inside 7-Eleven stores, the complaint says a single balance check could generate more than one of these fees in one sitting. Individually the amounts are tiny; across millions of transactions over three-plus years, they add up to a $2.25 million pool.
It’s worth being clear about scope, because “Bank of America fee settlement” sounds broad. This one is not. It covers only duplicate OON balance-inquiry fees at 7-Eleven FCTI ATMs during the class period. It has nothing to do with regular Bank of America ATM fees, overdraft charges, maintenance fees, or the other bank-fee news floating around in 2026. If your gripe is a different fee, this settlement won’t cover it.
What consumers should do about the Bank of America ATM settlement
Your move depends entirely on which group you’re in.
If you’re a current customer: do nothing and watch your account. Payments are distributed on a pro rata basis after final approval, so you don’t need to chase anything. Keep an eye out for a legitimate notice or a credit posting once the court signs off.
If you’re a former customer who missed June 29: we’ll be straight with you — there is no late-filing option. Class-action claim deadlines are hard cutoffs, and the related exclusion/objection deadline (July 7) has passed as well. If you didn’t file, you’re most likely out of luck on this particular settlement. That’s frustrating, but it’s why we flag these stories while windows are still open.
Everyone: watch for scams. High-profile settlements attract phishing. Legitimate communications point to the official administrator at oonfeesettlement.com. A real notice will not ask you to “pay a fee to release your payment,” won’t demand your full Social Security number by email, and won’t route you to a random look-alike domain. When in doubt, type the official URL yourself rather than clicking a link in an email or text.
Refund, remedy, and contact options
Here’s what the payout mechanics look like:
- Form of payment: cash — a pro rata share of the net fund after attorneys’ fees, administration costs, and expenses are deducted.
- How much: nobody’s getting rich. With a $2.25 million gross fund spread across a large class, realistic per-person payments tend to land in the low single-digit-to-low-double-digit dollar range, depending on how many valid claims came in and how many fees you personally were charged. Anyone promising you a big check is guessing — or scamming.
- Timing: no fixed payment date yet. Distribution follows final approval and the close of any appeal period. Because the August 21 hearing just happened, expect weeks-to-months, not days.
- Questions: the settlement administrator’s site (oonfeesettlement.com) has a contact form for individual claim-status questions.
Florida note: this matters a bit more here than the national average would suggest. 7-Eleven has a heavy footprint across Florida metro areas — Tampa, Orlando, Miami, and Jacksonville are dense with locations — and Bank of America has a very large Florida customer base. More 7-Eleven machines plus more account holders means more Floridians brushed up against these ATMs during the class period. If you lived in Florida and banked with BofA between 2018 and 2021, the odds you were affected are meaningfully higher than for someone in a state where 7-Eleven is scarce.
If tracking small consumer refunds is your thing, it’s the same discipline that protects bigger money over time — the kind of attention that also pays off when you’re planning how long a retirement nest egg will last. And if you’re wondering whether a windfall is coming your way, this isn’t lottery money — for that story, see the $800M Florida Mega Millions win.
Are there other Bank of America settlements to watch?
If you don’t qualify for this one, you’re not necessarily out of options. Bank fee litigation is a busy space, and separate settlements — like the earlier Weiss v. FCTI ATM case — periodically open and close. Reputable class-action trackers and the banks’ own notice programs are where new ones surface. The practical habit: when you get a settlement postcard or email, don’t dismiss it as junk, but verify it through the official administrator domain before you act. That single check is the difference between a legitimate few dollars and a phishing trap.
Bottom line — Bank of America users may receive compensation from this fee settlement, but the window to act has largely closed. Current customers are in the automatic-payment lane and should simply watch their accounts after the court finalizes the deal. Former customers who missed June 29 have no late door to knock on. Either way, the smartest thing you can do now is guard against the scams that always trail a story like this.
FAQs
Bank of America customers can claim compensation in the ATM settlement — is it too late?
For filing a claim, yes. The claim deadline was June 29, 2026, and there’s no late-filing option. But current Bank of America customers who were charged don’t need to file — they’re set to be paid automatically after the court grants final approval. Only former customers who had to file and missed the deadline are shut out.
What is the Bank of America settlement in one sentence?
Bank of America agreed to pay $2.25 million to resolve claims (Schertzer v. Bank of America) that it charged customers more than one out-of-network balance-inquiry fee per visit at FCTI-operated 7-Eleven ATMs between May 1, 2018 and November 16, 2021.
How much money will I actually receive?
Payments are a pro rata share of the $2.25 million fund after fees and costs, so amounts are modest — typically low single digits to low double digits of dollars, depending on claim volume and how many duplicate fees you were charged. Anyone promising a large payout is not being straight with you.
Is the Bank of America ATM fee settlement legit or a scam?
The settlement itself is legitimate and administered through the official site oonfeesettlement.com. However, scammers exploit these stories. A real notice never asks you to pay a fee to release your payment or hand over your full Social Security number by email. Verify any message on the official domain before acting.
When will I receive my Bank of America settlement payment?
There’s no fixed date. The final approval hearing was held August 21, 2026, and payments only go out after a judge grants final approval and any appeal period closes. Realistically that means weeks to months, not days, and current customers should watch their accounts for an automatic credit.
Does the settlement mean Bank of America admitted wrongdoing?
No. As with most class-action settlements, Bank of America denies any wrongdoing and admits no liability. It agreed to pay $2.25 million to end the litigation rather than to concede that it improperly charged the fees.
