Electronic Funds Transfer Act: Class Actions Surge Highlighted by Recent Cases

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The Electronic Funds Transfer Act, 15 U.S.C. § 1693 et seq. (EFTA), and its regulations promulgated by the Federal Deposit Insurance Corporation (FDIC), Reg E, 12 C.F.R. sect; 205.16, require, in relevant part, that banks charging a fee to non-bank cardholders for automatic teller machine (ATM) withdrawals must:

1.Post in a prominent and conspicuous location on or at the automated teller machine a notice that...

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Published In: Administrative Agency Updates, Civil Remedies Updates, Constitutional Law Updates, Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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