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ABA, State Associations Support ATM Placard Bill

Posted on 5/30/2012

ABA and the state bankers associations this morning urged House Members to co-sponsor legislation (H.R. 4367) that would protect banks from frivolous lawsuits by repealing the outdated, duplicative requirement that a placard must be attached to ATMs stating that a fee may be charged.

The placard requirement is duplicative because the fee also appears on the ATM video monitor, the trade groups explained. Current rules permit class-action lawsuits to recover up to $500,000 plus attorneys' fees and costs if the placard is not attached.

"As a result, many placards have been removed in order to sue, or threaten to sue, financial institutions and merchants for noncompliance with the requirement," our joint letter said. "Without this important reform, the number of these baseless lawsuits will continue to rise as will the cost of this service to consumers."

A similar letter was sent to Senators last week. ABA is urging bankers to talk with Senators and their staffs during this week's Memorial Day recess about the Senate version of the ATM bill (S. 3204). We have developed talking points and background information to help bankers explain the issue, as well as the credit union issue.

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