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Readers will remember that, before December 2012, the
Electronic Fund Transfer Act required
ATM's to include fee notices on the machines themselves. Congress
eliminated that requirement after banks faced repeated nuisance litigation
arising out of the physical removal of these notices. In many cases, the
notices were likely removed by the very people who filed suit. With the
signage requirement gone, the CFPB has amended
Regulation E to reflect the change while reiterating that ATM customers still
receive either an on-screen or paper fee disclosure. The revised
provision, at 12 C.F.R. 1005.16, requires: (1) that the ATM operator "provide a
notice that a fee will be imposed for providing electronic fund transfer
services or a balance inquiry that discloses the amount of the fee"; (2)
that the notice either be shown "on the screen of the [ATM] or by providing it
on paper, before the consumer is committed to paying a fee"; and (3) that the
fee be imposed only if the "consumer elects to continue the transaction or
inquiry after receiving such notice."
Read more articles about the Consumer Financial Protection
Bureau at Dykema's CFPB Blog
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