13 February 2016

US banks sued over ATM fees

20 October 2011  |  4904 views  |  0 atm inserting card

A New Jersey man has sued Bank of America, JPMorgan Chase and Wells Fargo, claiming that they collude to fix the fees charged to withdraw money at ATMs.

The lawsuit, filed in the US District Court for the District of Columbia, is the third of its kind in the last week, although the other two took aim at Visa and MasterCard, not the banks.

The latest suit, which also names Visa and MasterCard, has been filed on behalf of consumers and is seeking class-action status.

It argues that "unlawful agreements" among banks and card networks lead to inflated fees when consumers use an out-of-network ATM.

Last week independent ATM operators filed their suit in the same court, claiming that price fixing artificially raises the price that consumers pay for ATM services, limits the revenue that operators can earn, and violates the Sherman Act's prohibition against unreasonable restraints of trade.

According to the Associated Press, another, similar, action against Visa and MasterCard was filed on Monday on behalf of individuals in California and Washington.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

12 October, 2011
11 July, 2011
17 December, 2010
21 May, 2010

Related company news

 

Related company information

JPMorgan Chase

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16266 views comments | 106 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
9008 views comments | 30 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
8605 views comments | 35 tweets | 10 linkedin
Is Paym a failure?Is Paym a failure?
7160 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6552 views comments | 17 tweets | 28 linkedin

Featured job

Competitive Package
New York City, NY. USA

Find your next job