Today, the House Committee on Financial Services is expected to consider H.R. 4367, a bill to limit the fee disclosure requirement for automatic teller machines (ATMs).
Current law requires bank ATMs to display an electronic notice on its screen and a physical sticker notice on the ATM machine telling the customer how much he or she will be charged to use it. Unfortunately, many individuals are removing or defacing the ATM's physical fee notice placard and then suing the ATM operator for improper notification.
This bill eliminates the requirement for the physical sticker, and therefore the liability for small banks and other smaller ATM operators. The electronic notices will still provide very clear information about ATM fees for customers. As the electronic notices on ATMs have become more robust and noticeable, this one and a half page bill is simply common sense, and offers to eliminate one more unnecessary regulation from the federal government.
I am a cosponsor of this bill, and I look forward to supporting it in the Financial Services Committee this afternoon.