Recently  class action lawsuites were filed in Michigan, Ohio, and Pennsylvania against financial institutions that alledgedly failed to comply with Regulation E's disclosure requirements. to post an exterior, physical notice at ATM machines as well as a screen notice that states the actual fee amount. 

 

Now might be a good time to check if you bank has a properly posted notice on or at every ATM to alert customers that they will incur a fee for any electronic fund transfer or balance inquiry.

 

The Electronic Funds Transfer Act requires an ATM operator to post two types of notices: one must appear in a conspicuous and prominent place on or near the ATM, stating that there is a cost for using an ATM.  The second notice, which may be on the screen or in paper form, must be provided before the transaction begins, stating that a fee will be charged if the ATM services are used and the amount of the fee.  (These notices are in addition to the paper receipt issued after the transaction, which do not necessarily show the ATM fee.)

 

Another problem is that posted notices that list a fee amount do not match the fee on the screen.  National Bank Products' ATM Fee stickers do not include the amount of the fee, because it is not required to be on the physical notice. (See Sample under View Document.)  This avoids any conflict between the screen/paper notice (which requires the actual fee to be shown) and the notice posted on the ATM machine.

 

Banks with ATMs that received deposits should also make sure that an official FDIC decal or sign is posted.