President Signs H.R. 4367 Eliminating the Requirement of Exterior Fee Disclosure Signage on ATM’s

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On December 20, 2012, President Obama signed H.R. Bill 4367, which became effective upon his signing of the bill, and which eliminates the mandatory requirement that signage be placed on the exterior of Automated Teller Machines (“ATMs”), informing ATM users that they will be charged a transaction fee for using the institution’s ATM. This action was taken in response to many lawsuits filed against banks alleging that their ATM fee disclosures were either missing or inadequate. Following the effective date, new lawsuits may not be filed against banks or ATM owners for failure to display ATM fees on the outside of the machine for specific instances that occur after the effective date. However, the law will have no effect on lawsuits that had already been filed prior to the effective date or lawsuits filed after the effective date but alleging that the ATM transaction occurred before the effective date. Therefore, we expect that Plaintiff’s may have initiated a new wave of lawsuits prior to the effective date while the practice was still permissible.

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Published In: Business Organization Updates, Business Torts Updates, Civil Procedure 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.

© Evan Pappas, Shumaker Williams, P.C. | Attorney Advertising

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