ATM operators required to disclose fees

Northwestern Financial Review, Aug 1, 2001

[national summary]

By October this year, automated teller machine users will receive clearer notification of fees they may be charged. This notification is now required by the Federal Reserve Board, which recently published a rule amending Regulation E (Electronic Fund Transfers) to implement provisions of the Gramm-Leach-Bliley Act. Although some ATM operators already disclose information about fees, the amendment makes such disclosures mandatory for all operators. An operator must also clearly disclose the amount of the fee before the consumer is committed to completing the transaction. An ATM cannot charge a fee unless proper notice is provided and the consumer chooses to complete the transaction.