Leading trade association to investigate ATM surcharging.HERNDON, Va.--(BUSINESS WIRE)--March 31, 1997--The Electronic Funds Transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. Association, the nation's foremost electronic-payments industry trade group, Monday announced the formation of a multi-discipline, senior-level task force to investigate ATM surcharging and make recommendations to Congress concerning the future of the controversial practice, said EFTA EFTA: see European Free Trade Association. Chairman Robert Barone Robert Charles Barone is a fictional character from the American TV sitcom Everybody Loves Raymond. He is played by actor Brad Garrett. Though Robert is four years older than Ray, he constantly feels as if he's stuck in Ray's shadow, and lets his feelings be known. . The panel includes consumer, banking, manufacturing, ATM network and financial-industry representatives, Barone explained. It will be chaired by Henry Polmer, a partner at Bell, Boyd & Lloyd, a national law firm which deals in electronic commerce issues. Surcharging is the practice of ATM owners assessing a fee on ATM users, typically, non-customers. State lawmakers and Congress, are deciding whether to regulate the practice. Some consumer groups have openly called for regulation or prohibition of the practice, while a number of banks are opposed to government intervention, explained Barone. The task force will make its recommendations within 45 days in time for anticipated congressional hearings Congressional hearings are the principal formal method by which committees collect and analyze information in the early stages of legislative policymaking. Whether confirmation hearings — a procedure unique to the Senate — legislative, oversight, investigative, or a later this spring, said Barone. "There needs to be a greater understanding of the issue before people start drawing conclusions on surcharging," said Kurt Helwig, EFTA executive director. "As the preeminent electronics-payments trade group for 20 years, EFTA can bring all the parties together to examine the issues thoroughly and objectively. That's the type of leadership we've always provided." EFTA has played a similar role in the development of consumer protection regulations for the Electronic Funds Transfer Act The Electronic Funds Transfer (EFT) Act, also known as Regulation E, was implemented in the US in 1978 to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities [1]. , the adoption of national standards for Electronic Benefits Transfer systems, and the implementation of handicapped-access regulations for ATM machines (Automatic Teller Machine machine) A banking terminal that accepts deposits and dispenses cash. ATMs are activated by inserting a cash or credit card that contains the user's account number and PIN on a magnetic stripe. under the Americans with Disabilities Act Americans with Disabilities Act, U.S. civil-rights law, enacted 1990, that forbids discrimination of various sorts against persons with physical or mental handicaps. , Helwig pointed out. He said that the group expects to continue that role with Congress on the surcharging issue. EFTA is the nation's leading inter-industry trade association involved in analyzing and addressing the range of issues affecting the evolving service of electronic payments systems and commerce. It may be reached at its site on the World Wide Web at http://www.efta.org . CONTACT: Electronic Funds Transfer Association H. Kurt Helwig, 703/435-9800 |
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