In a major development, Bank of America has agreed to pay $2.25 million to resolve a class action lawsuit. According to the lawsuit, the bank allegedly double-charged customers out-of-network balance inquiry fees at 7-Eleven ATMs. The conduct, attributed to a technical glitch, affected thousands of customers across the United States. But what's important to note here is that former customers have until June 29 to file a claim for compensation.
This is not the first time Bank of America, one of the largest financial institutions in the country, has been at the receiving end of serious accusations of charging customers the same fee twice. The Consumer Financial Protection Bureau (CFPB), the federal agency that supervises banks for consumer compliance, found in a prior enforcement action that the bank had operated what it described as a "double-dipping scheme" for insufficient funds fees. This resulted in penalties exceeding $100 million.
