Final Rule on Disclosure of ATM Fees
To All Depository Institutions in the Second Federal Reserve District:
In a March 1 press release, the Board of Governors of the Federal Reserve System announced amendments to its Regulation E, Electronic Fund Transfers, to implement provisions of the Gramm-Leach-Bliley Act requiring disclosure of automated teller machine (ATM) fees.
The amendments require, among other things, that ATM operators that impose a fee for providing electronic fund transfer services must post a notice, in a prominent and conspicuous location on or at the ATM, disclosing that a fee will be imposed and the amount of the fee, either on the screen of the machine or on a paper notice, before the consumer is committed to complete the transaction.
The amendments became effective on March 9, 2001, but compliance is not mandatory until October 1, 2001.
The Board's official notice (pdf - 54kb) was published in the March 6 edition of the Federal Register. Questions on this matter may be directed, at this Bank, to Janice A. Oser, Bank Supervision Officer, Legal and Compliance Risk Department.
