President Obama has signed a bill that eliminates the requirement of physical ATM fee disclosures. Previously, financial institutions were subject to lawsuits over missing fee-disclosure stickers. The banking industry has alleged the disclosure stickers were fraudulently removed by the plaintiffs.
“This law will protect consumers by cracking down on nuisance lawsuits that have been plaguing institutions and their hard-working customers,” said U.S. Rep. Blaine Luetkemeyer, the sponsor of the bill, in prepared remarks.
Going forward, consumers won’t see stickers or placard regarding ATM fees but they will continue to see on-screen notices of any ATM transaction fees.