PRINTER'S NO. 140
No. 131 Session of 1997
INTRODUCED BY YOUNGBLOOD, THOMAS, LEDERER, BELARDI, HORSEY,
CAWLEY, TIGUE, LAUGHLIN, CARN, SANTONI, TRAVAGLIO, MELIO,
SHANER, STABACK, TRELLO, JOSEPHS, WOJNAROSKI, ROEBUCK, RAMOS,
COLAFELLA, DALEY AND BELFANTI, JANUARY 29, 1997
REFERRED TO COMMITTEE ON COMMERCE AND ECONOMIC DEVELOPMENT,
JANUARY 29, 1997
AN ACT
1 Requiring certain financial institutions to post transaction
2 fees for each automated teller machine transaction;
3 restricting transaction fees for automated teller machines;
4 and authorizing a study by the Secretary of Banking to study
5 the impact of such fees on financial institutions and
6 consumers.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Short title.
10 This act shall be known and may be cited as the ATM Fee
11 Regulatory Act.
12 Section 2. Definitions.
13 The following words and phrases when used in this act shall
14 have the meanings given to them in this section unless the
15 context clearly indicates otherwise:
16 "ATM." An automated teller machine.
17 "Financial institution." Any national bank, State bank,
18 federally chartered savings bank, State-chartered savings bank,
1 federally chartered savings and loan association, federally
2 chartered credit union, State-chartered credit union and any
3 entity that owns or operates an automated teller machine.
4 Section 3. Disclosure required.
5 (a) General rule.--Each financial institution must disclose
6 the total transaction fee or surcharge to be imposed for each
7 transaction on the screen of the ATM prior to the completion of
8 the transaction. The customer must have the right to cancel the
9 transaction after the fee or surcharge is disclosed.
10 (b) Notice.--Each financial institution must provide written
11 notice to its account holders that a fee may be imposed when the
12 account holder uses ATMs owned or operated by another financial
13 institution or any national, regional or local ATM Network
14 whenever a card, code or other means of ATM access is issued by
15 the financial institution for the purpose of initiating ATM
16 transactions.
17 Section 4. Fee restrictions.
18 (a) General rule.--No customer shall be liable to pay any
19 fee or surcharge to any financial institution for an ATM
20 transaction unless the fee or surcharge was displayed on the ATM
21 screen prior to the transaction. No customer shall be billed for
22 more than one fee per ATM transaction regardless of the number
23 of financial institutions involved in the transaction.
24 (b) Cash dispensing requirement.--No customer shall be
25 liable to pay any ATM fee or surcharge to any financial
26 institution that does not dispense cash at all of the
27 institution's branch locations.
28 (c) Telephone exception.--No customer shall be liable to pay
29 any fee or surcharge to any financial institution for any ATM
30 transaction initiated via telephone.
19970H0131B0140 - 2 -
1 Section 5. Effective date.
2 This act shall take effect in 30 days.
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