WASHINGTON – The Senate yesterday introduced its own bill that would end the requirement for dual fee disclosures at ATMs, which would leave only the on-screen disclosure.
The bill is similar to one introduced in the House last month and comes as a growing number of consumers are taking advantage of the dual disclosure requirement of the Electronic Funds Transfer Act and suing credit unions and banks that fail to post a physical disclosure notice on the outside of the machine, as required under the EFTA.
NAFCU praised Sen. Michael Johanns (R-Neb.), ranking member of the Senate Banking Subcommittee on Security, International Trade and Finance, for his introduction of bipartisan legislation to eliminate duplicative ATM disclosures for credit unions and other financial institutions.
“This legislation will eliminate a superfluous placard notice requirement contained in the Electronic Funds Transfer Act,” said NAFCU President Fred Becker. “Eliminating this single requirement will help put a stop to frivolous lawsuits that drive up the cost of maintaining ATMs and, in turn, lead to higher costs and less convenience for consumers.”
