US banks sued over ATM fees
20 October 2011 | 5068 views | 0
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.