WASHINGTON – The Senate is expected to vote passage on a bill that would eliminate one of the two fee disclosure requirements at ATMs as soon as this week.
“Consumers should have to be clearly informed of any ATM fee before it is applied – but informing them once is enough,” said Sen. Claire McCaskill, D-Mo., one of the co-sponsors of the bill. “This redundant regulation on community banks and credit unions costs them money and doesn’t do anything to further the public good.”
The bill, passed by the House, would eliminate the requirement that ATM owners disclose on the outside of the machine the fees they charge to non-members/-customers, leaving the single on-screen disclosure for consumers.
The dual disclosure requirement, part of the Electronic Funds Transfer Act, has been the focus of numerous consumer lawsuits over the past two years.