In Brief: Fed Issues Rule on ATM Fee Disclosure

WASHINGTON — Under a new rule published Thursday, ATM operators that impose a fee for transactions must disclose that prominently on or near the machine by Oct. 1.

The rule, issued by the Federal Reserve Board, implements a provision of the Gramm-Leach-Bliley Act that requires ATM operators to disclose the amount of the fee before customers are committed to making a transaction.

Finally, when a customer obtains an ATM card or other means of initiating electronic funds transfers, the operator must disclose that using another operator’s service may incur additional fees.

In issuing the rule, the Fed postponed mandatory compliance until October, as the industry requested. Last July the Fed had proposed giving ATM operators 30 days to comply.

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