Introduced earlier this year, a bill eliminates a requirement that forces financial institutions to disclose ATM fees on a physical placard. The bill has received approval from the House of Representatives and Senate — it has been presented to President Obama.
“I am extremely pleased that Congress has worked to pass this commonsense fix that cracks down on the nuisance lawsuits that have been plaguing institutions and their hard-working customers, while continuing to protect consumers,” said U.S. Rep. Blaine Luetkemeyer, sponsor of the bill, in a statement.
Financial institutions often faced frivolous lawsuits from fraudsters who removed the physical fee placards and sued for non-compliance. If the bill passes, bank customers will still be able to see fee disclosures on the ATM screen.