Congress considers move to require consumer alerts, updates at ATM

Congress considers move to require consumer alerts, updates at ATM
Tags: Bank / Credit Union, North America, Other, Regulatory Issues, Trends / Statistics
September 30, 2007

The Kansas City Star: Should banks warn consumers of potential overdrafts when they use an ATM or debit card? Congress is considering a bill that would require banks to give consumers a chance to back out of transactions that might cause them to overdraw on their checking accounts. The bill is sponsored by Rep. Carolyn Maloney, a New York Democrat. Banking officials oppose the bill, saying they already provide consumers a service by allowing transactions to go through that save them the embarrassment of a bounced payment.