Senate Banking Committee hearings on automated teller machine fees began last month with bankers generally opposing the legislation. The legislative proposal would require ATM operators to provide notice of fees at the time of cue and permit the customer to elect to continue the transaction. Disclosure of fees and the possibility of surcharge fees for use of a foreign ATM would be required at the time the ATM card is issued.
The legislation under consideration would also require the Federal Reserve to develop a database to track pricing trends and require that the Government Accounting Office analyze costs associated with disclosing all fees.
Among those delivering …
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