SEATTLE -- Bank of America will pay up to approximately $700,000 to some of its accountholders in Washington state to settle a class-action claim filed by two BofA customers who paid surcharges and foreign fees at unbranded ATMs owned by the bank.
In the suit, filed in late September 2000, Jeremy Knapp, a BofA customer, contended he should not have been charged the fees. His law firm, Seattle-based Schroeter, Goldmark & Bender, charged BofA with breach of contract and said it had violated both the Electronic Funds Transfer Act and the Washington Consumer Protection Act.
After six months of negotiations between BofA and the law firm, followed by a round of mediation, the parties reached a settlement in November of 2001. The bank agreed to reimburse customers who paid fees at unbranded ATMs in retail locations between December of 1999 and July of 2001 and at unbranded ATMs in casinos between February and September of 2000.
More than $540,000 will be refunded to customers automatically; another $150,000 or so will be available to customers who file individual claims. The bank will send notices to those identified as class members in the suit.
