Proposed amendments to Regulation E.
The regulation provides that an ATM operator that charges a fee for initiating an electronic fund transfer or balance inquiry must post notices at ATMs that a fee will be imposed. The proposed revisions would clarify the intent of the rule that ATM operators can satisfy the requirement by providing a notice that a fee "may" be imposed if there are circumstances under which some consumers would not be charged for services. ATM operators must continue to provide the consumer with a separate notice, either on the screen of the ATM or on paper, that a fee will be imposed and the amount of the fee, before the consumer is committed to paying a fee.
The Board is continuing to consider other issues that were addressed in its proposed September 2004 update to Regulation E.
Comments were due on or before October 7, 2005.
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|Title Annotation:||Announcements; Electronic Fund Transfers law|
|Publication:||Federal Reserve Bulletin|
|Article Type:||Brief Article|
|Date:||Sep 22, 2005|
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