National ATM Council lobbies Obama to sign fee disclosure bill

NAC has been lobbying Capitol Hill

The ATM industry received favourable news from Washington when the Senate passed a bill amending the Electronic Funds Transfer Act. This includes revoking the placard fee disclosure requirement that has spurred controversial lawsuits against U.S. independent ATM deployers (IADs) and financial institutions across the US.

Having passed through the Senate, the legislation now moves to the White House for President Obama’s signature.  Once signed, the bill clears the way for elimination of duplicate physical fee disclosures at ATMs. Since 2005, ATMs in the US have been required to disclose any usage charges on the ATM’s video screen. This electronic notice shows consumers the fees charged for the ATM transaction, and allows the user to opt-out and cancel the transaction following the disclosure.

The legislation represents a substantial measure of regulatory relief for ATM owners in the US, while having zero adverse effect on consumers. Elimination of the external ATM fee sticker law was the right move given the outmoded and duplicative nature of the requirement, and the abuse of the system being undertaken by persons’ tampering with the fee stickers/plaquards” says NAC Executive Director Bruce Renard.

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