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Obama's Signature Eliminates Redundant ATM Signage Requirement

Posted On: 1/4/2013

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TAGS: ATM, automated teller machine, ATM signage, President Obama signs, ATM legislation, ATM operators, Electronic Fund Transfer Act, ATM lawsuits, Blaine Luetkmeyer, Mike Johanns, H.R.4367, vending

WASHINGTON -- President Obama signed into law a measure that eliminates the requirement for two notifications of fees at ATMs. The redundant regulation removed by the enacted legislation had become a source of frivolous lawsuits aimed at ATM operators because it required them to physically post transaction fee signs on or near their ATMs, even though their machines clearly display fees on equipment screens.

Previously, under the Electronic Fund Transfer Act, a consumer using an ATM without the redundant notices could bring an action against the ATM operator and recover statutory damages between $100 and $1,000 for each transaction. Rep. Blaine Luetkmeyer (R-MO) introduced legislation to eliminate the superfluous signage requirement after a Missourian successfully sued five ATM operators for more than $100,000 in settlements. Sen. Mike Johanns (R-NE) pushed similar legislation through the Senate, paving the way for enactment by the President.

The legislation (H.R.4367) was supported by the American Bankers Association, American Gaming Association, ATM Industry Association and Credit Union National Association, along with the Electronic Funds Transfer Association, Independent Community Bankers Association and National Association of Convenience Stores.