Bank Fees Settlement Reaches $66.7M
Millions of consumers will be getting a $66.7 million settlement from class action lawsuits filed against banks who allegedly conspired with credit card companies to inflate their ATM fees.
According to the consolidated lawsuits, “consumers would pay lower rates when taking out money … at ATMs run either by independent operators or by banks at which they do not have accounts if not for an alleged plot to fix the price of access fees.”
Bank of America, Wells Fargo, and Chase were accused of “orchestrating, implementing, and facilitating a conspiracy to fix the fees ATMs charge to customers.” This was supported by bank contracts from major credit card companies, including Visa and MasterCard, preventing independent ATM machine operators from reducing prices to beat the competition.
The lawsuits claim that the “unlawful agreements effectively set a price floor for all ATM access fees throughout the country and deprive consumers of the benefits of natural price competition.”
Financial institutions are required by the Electronic Fund Transfer Act to inform consumers of all the “fees they will be charged, and when, in writing prior to actually charging them – thus giving the customer the choice of whether to proceed,” and must include usage fees of the machine they are using.
Are you or affected by the allegations in the consolidated class action lawsuit and think that you are entitled to a settlement? Feel free to contact us today for help.
The Bank Fees Settlement Details
The proposed settlement includes a $26.42 million payout from Bank of America, a $20.82 million payout from Wells Fargo, and $19.5 million from Chase.
It is yet unclear how many consumers will be able to participate in the settlement but documents reveal that there could be as many as 175 to 215 million.
The proposed settlement is awaiting review and approval by the federal judge overseeing the matter in U.S. District Court for the District of Washington, D.C.
If you’re affected by the Chase, Wells Fargo & BoA Bank Fees lawsuit settlement, we’d love to hear from you.
Editor’s note on the Chase, Wells Fargo & BoA Bank Fees Class Action Settlement:
This piece is written about the recent Chase, Wells Fargo & BoA Bank Fees Class Action Settlement. If you are considered eligible to be among the class of consumers described in the class action lawsuit settlement, you may eventually be able to participate in receiving any compensation the court may award.
If you believe that what is alleged in the Chase, Wells Fargo & BoA Bank Fees class action settlement has affected you, please don’t hesitate to reach out to us.
We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join the consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from you all.
Similarly, please check out our current list of Class Actions and Class Action Investigations, here.
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