Third law suit aims at US bank ATM fees
(24 October 2011 – United States) A New Jersey man has sued Bank of America (BoA), JPMorgan and Wells Fargo, for allegedly colluding to fix fees charged to withdraw money at ATMs.
The lawsuit is the third of its kind in just a week, although the other two were against Visa and MasterCard.
The New Jersey man has also named the credit card giants, and filed it on behalf of consumers in the hope of 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.
The New Jersey man has also named the credit card giants, and filed it on behalf of consumers in the hope of 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.
Subscribe