Bill Would Eliminate ATM Fee-Disclosure Rules

WASHINGTON–If approved, a bill introduced in Congress April 17 would go a long way to curing the growing number of lawsuits over ATM disclosures by eliminating the requirement that ATMs disclose fees on the outside of the machines or on-screen.

Provisions of the Electronic Funds Transfer Act require deployers to disclose fees charged noncustomers two ways, prompting dozens of suits by consumers claiming no disclosures were posted on the outside of the defendants’ machines.

The dual disclosures have prompted some consumers to file as many as two- or three-dozen suits claiming violation of the EFT Act because of the absence of the disclosures on the outside of the ATMs (see story).

Reps. Blaine Luetkemeyer, R-Mo., and David Scott, D-Ga., introduced the bill in the House Financial Services Committee.

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