JP Morgan, Wells Fargo, BOA out-of-network ATM fees $66M class action settlement

Update:

• Final approval of this settlement was granted Aug. 8, 2022.
• Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

JP Morgan, Wells Fargo, and Bank of America agreed to settlements totaling more than $66 million to resolve class action lawsuit claims of unfair out-of-network ATM fees.

The settlement benefits consumers who paid an unreimbursed ATM access fee directly to the defendants (JP Morgan, Wells Fargo, or Bank of America) or others (any bank that is a member of the Visa or MasterCard networks) for an out-of-network ATM transaction between Oct. 1, 2007, and Nov. 12, 2021.

According to a class action lawsuit against the settling companies and other organizations, consumers incurred unfair ATM surcharges when using out-of-network ATMs. The defendants allegedly worked together in an antitrust agreement to raise the cost of out-of-network ATM surcharges, resulting in artificially high costs for their customers. Without this alleged agreement, consumers would have paid significantly less in fees, the class action lawsuit contends.

Plaintiffs in the ATM fee class action lawsuit brought claims under the Sherman Act, a federal antitrust law. Antitrust agreements, such as the ones described in the 2015 amended complaint, are outlawed by federal law due to the unjust burden placed on consumers and the negative impact on fair markets. 

JP Morgan, Bank of America, and Wells Fargo are the three largest banks, respectively, in the United States by assets for 2021, according to Insider Intelligence.

JP Morgan, Wells Fargo, and Bank of America deny any wrongdoing but agreed to settle the claims against them in an out-of-network ATM fees class action settlement. 

The combined settlement fund is worth $66.74 million, with JP Morgan paying $19.5 million, Wells Fargo paying $20.82 million, and Bank of America paying $26.42 million.

Payments from the JP Morgan, Wells Fargo, and Bank of America ATM fees lawsuit settlement will vary depending on a number of factors, including counsel and administrative fees and and other deductions from the settlement. After these deductions, which must be approved by the court at the approval hearing, the net settlement fund will be used to pay customers.

Payments will be distributed to consumers on a pro rata basis. Because it is impossible to know how many claims will be filed, no payment estimates are available.

If the settlement is approved and no appeals are filed, the settlement administrator expects payments to be sent out within six months. However, court delays and appeals could extend this timeline.

The final approval hearing for the JP Morgan, Wells Fargo, and Bank of America out-of-network ATM fees class action lawsuit settlement is scheduled for May 17, 2022.

The deadline for exclusion and objection from the settlement is March 11, 2022. 

In order to receive a settlement payment, Class Members must file a valid claim form by May 11, 2022.

Who’s Eligible

Consumers who paid an unreimbursed ATM access fee directly to the defendants (JP Morgan, Wells Fargo, or Bank of America) or others (any bank that is a member of the Visa or MasterCard networks) for an out-of-network ATM transaction between Oct. 1, 2007, and Nov. 12, 2021.

Potential Award

Varies

Proof of Purchase

No proof of purchase applicable.

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

05/11/2022

Case Name

Final Hearing

05/17/2022

Settlement Website

ATMClassAction.com

Claims Administrator

ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217
info@ATMClassAction.com
877-311-3724

Class Counsel

Steve Berman
HAGENS BERMAN SOBOL SHAPIRO LLP

Stephen Neuwirth
QUINN EMANUEL URQUHART & SULLIVAN LLP

Steven A. Skalet
MEHRI & SKALET PLLC

Defense Counsel

Michael B. Miller
MORRISON & FOERSTER LLP

Boris Bershteyn
SKADDEN ARPS SLATE MEAGHER & FLOM LLP

William F. Cavanaugh JR.
PATTERSON BELKNAP WEBB & TYLER LLP