To All Depository Institutions in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has requested comment on proposed revisions to Regulation E (Electronic Fund Transfers) to implement provisions of the Gramm-Leach-Bliley Act (GLBA) requiring disclosure of automated teller machine (ATM) fees.
Comment is requested by August 18, 2000.
The GLBA amends the Electronic Fund Transfer Act by requiring ATM operators that impose fees on consumers who hold accounts at other institutions to post a prominent and conspicuous notice of that fact on or near the ATM. Before the consumer is committed to completing the transaction, ATM operators must also disclose the existence of and the amount of the fee, either on the screen of the ATM or on a paper notice. Many financial institutions that impose ATM fees already disclose the information required by the GLBA to satisfy existing regulatory and ATM network requirements.