QUICK LINKS: Videos  |  Micromarkets |

Redemption Report




Buy a Classified Ad


Editorial Calendars


Circulation Data






Date Book


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
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

  • Metropoulos & Co. To Invest In Utz Quality Foods
  • Burch Food Service Expands Relationship with USA Technologies; Sees One-Year 17% Topline Growth In Transaction Dollars
  • Danielle Lee Wins Scholarship To Vending Industry Development Program
  • Gimme Vending Research Suggests Mobile App Reduces Out-Of-Stocks, Increases Top-Line Profits
  • Tri-State Vending Group Files Comments Opposing Philadelphia Beverage Tax

Copyright © 2016 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