Suit alleges banks colluded over ATM fees

    Upset about all those fees your bank is charging you? Well, this guy is doing something about it:

    A lawsuit filed by a New Jersey man accuses three major banks of conspiring to fix ATM fees.

    The suit seeks class-action status and alleges that Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. took part in a “conspiracy to fix the prices” for the fees consumers pay when they use an out-of-network ATMs.

     

    Bank of America, Chase and Wells Fargo declined to comment.

    Representatives from MasterCard and Visa, which were also named in the suit, were not immediately available for comment.

    The suit says the “unlawful agreements” between the banks and payment networks result in artificially inflated surcharges. A similar suit was filed last week by operators of independent ATMs, which are generally found in convenience stores, gas stations and supermarkets.

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