Fed publishes final fee disclosure reg

Fed publishes final fee disclosure reg
Tags: Bank / Credit Union, EFT Networks, Transaction Processing
January 29, 2002

WASHINGTON -- The U.S. Federal Reserve Board of Governors published its final rule regarding notification of ATM surcharges on March 1, according to Reuters.

The rule, which becomes effective on Oct. 1, requires ATM owners or operators to post any surcharges at ATMs and also disclose them on the screen before a transaction is completed. This allows ATM users to opt out of a transaction if they desire.

The new regulation is an amendment to Regulation E of the federal Electronic Funds Transfer Act, which was approved by Congress last year.

Most ATM operators imposing these fees already disclose them because of existing network regulations, but the new rule makes it mandatory.