Alfonse D'Amato, chairman of the Senate Banking Committee, was preparing legislation Wednesday that would ban surcharges at automated teller machines.

Just the threat of the bill, which the New York Republican may introduce as early as today, could have a chilling effect on banks' taking advantage of new MasterCard and Visa rules allowing them to impose an extra transaction charge on ATM users.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.