News

New Jersey legislature moves to stop repeat ATM fees

February 1, 2012

A New Jersey Assembly panel released a bill this week intended to ensure that citizens are not forced to pay "repeated unfair ATM charges," said a news story at assemblydems.com.

The Spencer and Barnes Bill would require that all businesses operating ATMs in the state give consumers the option to withdraw up to $200 from their accounts in a single transaction. Those who ignored the law would be subject to a civil penalty of up to $1,000 per day for failure to comply.

"Many times stores in lower-income neighborhoods underserved by banks bar people from taking out more than $20 from their ATM, for instance, thus forcing consumers to complete multiple transactions at the same ATM, all the while incurring unfair service fees," said Assemblywoman Grace Spencer. "This practice is wrong and it needs to stop."

"New Jerseyans in need of cash shouldn't be subjected to schemes that force them to end up paying multiple transactions fees for no particular reason other than to make money for the store off of ATM fees," said Assemblyman Peter Barnes. "It's unreasonable and unfair and this bill will put an end to it."

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