Better make sure your ATMs have all of the right disclosures and signs. As crazy as it sounds, some people spend their day driving
The Electronic Funds Transfer Act – specifically §205.16(c) requires BOTH an “on the machine” AND a “screen or paper notice” if a consumer will incur a fee for a transaction at the ATM.
If you think I’m making this up, here’s an excerpt from an article in the Detroit Free Press on 4/22/11:
Nationwide, a cottage industry of plaintiffs firms have spawned a flurry of ATM fee lawsuits, which have popped up in California, Texas, Illinois and Michigan. The suits have triggered settlements ranging from tens of thousands of dollars to $2.5 million. ATM fees for non-customers are generally $2 or $3.
In Michigan, more than 30 such lawsuits are pending in the state’s two federal courts, including one that Independent Bank settled Wednesday for $350,000. That lawsuit involved more than 40 ATMs across the state, including machines in Troy, Bloomfield Hills and Beverly Hills. Each member of a class action who qualifies is entitled to up to $1,000.
This would be a good time to drive by your ATMs and ensure they are up to speed. I sure hope no one rips the signs down later.
Published
2011/05/18
David Dickinson