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ATM Placard Bill to Be Sent To President Obama

Posted on 12/11/2012

The Senate has passed and cleared for President Obama's signature a bill (H.R. 4367) that will protect banks from frivolous lawsuits by repealing the outdated, duplicative requirement that a placard must be attached to ATMs stating that a fee may be charged.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 House passed the legislation on July 9.

The placard disclosure was duplicative because the actual fee also appears on the ATM video monitor before the transaction is completed. But if the placard is not attached, successful class-action plaintiffs could recover the lesser of $500,000 or 1 percent of the ATM operator's net worth plus attorneys' fees and costs. As a result, some people were removing placards, photographing ATMs without them and filing lawsuits.

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