New York City Council speaker Peter F. Vallone may unveil details of his plan to curtail automated teller machine fees as early as Tuesday, at the next council meeting, according to a spokesman.
The New York Bankers Association will make its case against any new regulations on fees on Friday when association president Michael P. Smith is scheduled to meet with Mr. Vallone. Mr. Smith has said Mr. Vallone's intentions have broad repercussions that have "any bank in the state of New York" worried.
Chase Manhattan Corp. also wants a meeting with the speaker. That may also be held on Friday.
Last month, Mr. Vallone caught national attention when he promised to draw up a bill to eliminate what consumer activists call "double-dipping." ATM customers often get hit by both the ATM owner and their own bank when they use a machine not owned by their own institution. Two California cities, Santa Monica and San Francisco, recently approved legislation that eliminates one of those fees - the surcharge levied by the ATM owner.
Mr. Vallone's announcement has other big banks warning consumer advocates to be careful what they wish for. Careful not to make outright threats, spokesmen for Chase and Fleet Boston Financial Corp. have predicted that new laws will prompt banks to impose limits on customer access similar to those adopted by Bank of America and Wells in Santa Monica.
Mr. Vallone hopes to begin hearings on legislation this month. After Tuesday, the next council meeting is Dec. 16.
