QUICK LINKS: Vending Videos  | Micromarkets  |

VT Classifieds

|

Buy a Classified Ad

|

Editorial Calendars

|

Circulation Data

|

Downloads

|

Bookstore

|

Operators Date Book

Search:      

Bookmark this site




Issue Date: Vol. 52, No. 6, June 2012, Posted On: 5/22/2012


Senate Bill Recommends Removal Of Redundant Signage For ATM Fee Disclosures


Hank Schlesinger
swag@earthlink.net
automated teller machine, ATM signage, ATM fees, Electronic Funds Transfer Act, H.R.4367, S.3204, Mike Johanns, vending machine business, ATM operator

WASHINGTON -- Sen. Mike Johanns (R-NE) has introduced legislation that proposes to eliminate the requirement for two notifications of fees at ATMs. Senate bill S.3204, introduced on May 17, would amend the Electronic Funds Transfer Act by changing the placard requirement for fee disclosures on ATMs.

Equipment operators are now required to display both a physical sign and onscreen disclosure of fees that ATM users incur. This dual notification, according to observers, has created an opportunity for con artists to remove the signage and threaten to sue financial institutions for noncompliance.

Advocates of the pending legislation point out that physical signs are redundant, and that electronic notification is more effective because it requires a consumer to accept or reject the fee during the ATM transaction.

The Senate proposal eliminates the requirement for a physical placard, but leaves the onscreen disclosure requirement intact. A similar measure, H.R.4367, was introduced on April 17 in the House of Representatives.


Topic: Vending Features

Articles:
  • PepsiCo To Phase Out HFC In Vending Machines, Coolers And Fountains By 2020
  • Shop24 Global Appoints Dave Brotherton Marketing And Business Development VP
  • Startup Targets Travelers With Mobile Accessories In Vending Machines
  • Boyer Candy's Rebate Program Offers Discounts To Vending Operators
  • AprivaPay Plus Delivers Analytics And ADA Accessibility Features

Copyright © 2014 Vending Times Inc. All rights reserved. 
P: (516) 442-1850 | F: (516) 442-1849 | subscriptions@vendingtimes.net
55 Maple Ave. - Ste. 304, Rockville Centre, NY 11570