News

ATM fee placard bill introduced in U.S. Senate

May 21, 2012

U.S. Sen. Mike Johanns, R-Neb., last week introduced Senate bill S.3204, a measure that would eliminate the ATM fee placard notification requirement.

According to a news item at NACS online, the legislation would amend the Electronic Funds Transfer Act by changing the requirements for fee disclosures on ATMs. The legislation would eliminate the EFTA requirement for a physical placard, but would leave in place the video monitor disclosure portion of the act, which requires that ATM operators provide an electronic disclosure of any fee that may be incurred to the ATM user.

A similar measure, H.R.4367, was introduced on April 17 in the U.S. House of Representatives by Rep. Blaine Luetkemeyer, R-Mo., and David Scott, D-Ga. Since its introduction, that bill has drawn 53 additional cosponsors from the House.

On April 26, H.R.4367 was referred by the House Financial Committee to the Subcommittee on Financial Institutions and Consumer Credit, where it currently awaits action.

For more on this topic, visit the regulatory issues research center.