Automated teller machines: issues related to real-time fee disclosure: report to the congressional committees

Original publisher: Washington, D.C. (P.O. Box 37050, Washington, D.C. 20013) : The Office, [2000]. LC Number: HG1710.5 .U55 2000 OCLC Number: (OCoLC)44657609 Subject: Automated tellers -- United States. Excerpt: ... B-284431 13 The Electronic Fund Transfer Act ( EFTA ), which was amended by Current Fee Disclosure provisions of the Gramm-Leach-Bliley Act of 1999 ( GLBA ), is the federal Requirements statute that primarily governs the disclosure of ATM fees. The rules and regulations that implement EFTA's disclosure requirements are set forth in 14 the Federal Reserve's Regulation E. As shown in table 2, Regulation E requires a bank to provide initial and periodic disclosures that reflect the amount of fees assessed for an electronic fund transfer, such as a withdrawal at an ATM. Banks must provide disclosures required by Regulation E, including the amount of any fee associated with electronic fund transfers at an ATM, at the time a consumer signs up for an ATM card or before the first electronic fund transfer. Banks are to also provide a statement that includes the amount of any fees assessed for electronic funds transfer for each month in which at least one transfer has occurred and provide a quarterly statement if no transfer has occurred. In addition, Regulation E requires banks to deliver written notice at least 21 days before the effective date of any change in fees. The GLBA amendments cover the disclosure of fees imposed by ATM operators ( i.e., surcharges ), including those that are not banks. The act requires operators to post a sign on the machine and a message on the screen or the receipt that a fee will be charged and the amount of the fee. This sign must be posted before 15 the customer is irrevocably committed to completing the transaction. However, in the period November 12, 1999, the date of the enactment of GLBA, through December 31, 2004, this clause is not applied to ATMs that lack the technical capability to support the necessary on-screen ...