As we anticipated in our January 1, 2013 blog, Regulation E has been officially revised to eliminate the “on the machine” fee notice requirement. This notice was required to tell users of an ATM that a fee may or will be charged for its use. In December, the Electronic Fund Transfer Act (EFTA) was revised and now the regulation has been revised as well.
This change only removes the “on or at” the machine requirement. The on-screen or paper disclosure requirement remains.
While this is good news, you need to be sure to check your state law as it may still require an “on the machine” notice.
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!