WASHINGTON – A bill introduced in Congress this afternoon would go a long way to curing the growing number of suits over ATM disclosures by eliminating the requirement that ATMs disclose fees on the outside of the machine, as well as on-screen.
Current provisions of the Electronic Funds Transfer Act require the disclosures for fees charged non-customers be disclosed two ways, prompting dozens of suits by consumers claiming ATMs do not have the disclosures posted on the outside of the machines.
The dual disclosures have prompted some consumers to file as many as two or three dozen suits claiming violation of the EFTA because of the absence of the disclosure on the outside of the ATM.
The bill, introduced in the House Financial Services Committee by Reps. Blaine Luetkemeyer, R-Mo., and David Scott, D-Ga., is supported by CUNA, NAFCU and the banking lobby groups.
