Customers Get Litigious Over Bank Fees
On behalf of ATM users, aNew Jersey man sued Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) on Wednesday and accused them of colluding to fix fees charged to customers withdrawing money.
The lawsuit, filed in federal court in Washington, D.C., has alleged that the three banks worked with Visa (NYSE:V) and Mastercard (NYSE:MA) to set artificially high ATM fees. These new legal actions follow a recent uproar over new debit card fees imposed by banks such as Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC).
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This is the third class action lawsuit this week involving ATM fees. Earlier ones had been against Visa (NYSE:V) and MasterCard (NYSE:MA) with the exclusion of the banks. The lawsuits accuse the two companies of charging the same access fee to customers independent of the network they used as a way to gain access to Visa and MasterCard networks.
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