Obama Signs ATM Disclosure Bill

Obama Signs ATM Disclosure Bill

President Obama last week signed a bipartisan bill that eliminates ATM operators having to post notices of transaction fees on the ATM screen and also on or near the machine.

The bill overturns the provision in the Electronic Fund Transfer Act which had made it a requirement that some type of signage needed to be placed on screen as well as on or near an ATM machine to alert the consumer that they may be charged a fee for using the ATM. If the sign was not present, a consumer could bring action against the ATM operator and seek damages from $100 to $1,000.

This provision spurred countless lawsuits from consumers who found ATMs without this signage. Some cases involved people removing the signs and then suing the ATM operator.

The bill had unanimously passed the Senate on December 11 and passed the House without opposition on July 9th.

Many banking associations, including the American Bankers Association, the Credit Union National Association and the ATM Industry Association, were active in their opposition to the provision.

Capital One® Platinum Prestige Credit Card
View Offer

Capital One® Platinum Prestige Credit Card

Top Features: 0% Intro on Purchases and Balance Transfers until February 2016

Editor Rating:

Chase Slate®
View Offer

Chase Slate®

Top Features: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Capital One® Quicksilver® Cash Rewards Credit Card
View Offer

Capital One® Quicksilver® Cash Rewards Credit Card

Top Features: 1.5% cash back on all purchases, 0% intro on purchases and balance transfers until August 2015

Editor Rating:

Barclaycard® Ring MasterCard®
View Offer

Barclaycard® Ring MasterCard®

Top Features: Low 8% (V) APR on purchases and balance transfers

Editor Rating:

Capital One® Venture® Rewards Credit Card
View Offer

Capital One® Venture® Rewards Credit Card

Top Features: Unlimited 2x miles on every purchase, every day

Editor Rating: