(Source: CFPB) – Sometimes, you really just need some cash. Maybe you want to catch a bus, grab a cab, or get a bite to eat at your favorite restaurant that doesn’t accept debit or credit cards. In situations like these, you may have to run to the nearest ATM.
Now, I imagine you’re probably aware that you’ll be charged a fee if you use an ATM that doesn’t belong to your bank or credit union. And even if you didn’t know that, you would receive an electronic notice on the ATM screen or a printout before you complete the transaction and have to pay that fee.
If you were paying extra close attention, you may have noticed a sticker pasted on or near the ATM that tells you about fees but doesn’t tell you how much the fee will be. If you’ve ever wondered why that sticker was there, the answer is that, until now, the law required it.
Congress recently amended the law about ATM fee disclosures to eliminate the sticker requirement. Now the CFPB is following the law by changing these rules. While this change means that consumers may no longer see a sticker on the ATM telling them that the ATM owner may charge a fee, the information about these charges, including the amount of the charge, will still appear on the ATM screen or a printout. The consumer will be able to cancel the ATM transaction without paying a dime.
At the CFPB, we work to ensure that consumers have the information they need to make informed decisions about their financial products and services. If you have had a confusing experience with ATM fees, you may contact the CFPB to tell us your story or submit a complaint.