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.


This entry was posted in Credit Card News and tagged , , by Lynn Oldshue. Bookmark the permalink.
The information contained within this article was accurate as of December 27, 2012. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website.
Editorial Disclosure
LowCards.com is an independent, for-profit web site. LowCards.com participates in the Affiliate Network, and receives compensation from most of the credit card issuers whose offers appear on the site. This compensation helps support our website and enables us to write insightful articles to help you manage your credit card accounts. This compensation, as well as the likelihood of applicants’ credit approval and our own proprietary website guidelines, may impact how and where the cards appear on our site.

LowCards.com does not include all credit card companies or every available credit card offer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer’s secure web site where you can review the terms and conditions for your offer.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.