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.