ARLINGTON, Va.—Credit unions are being reminded there are a number of laws and regulations that dictate notices and signage credit unions must display on ATMs, largely based on the machine's capabilities.
NAFCU Regulatory Compliance Counsel Reginald Watson said some of the common notices required by federal regulations include:
Regulation E: This requires ATM operators to provide a notice when a fee may be imposed for transfers or balance inquiries. Credit unions can only impose these fees if the consumer is notified of the fee and elects to continue, Watson said.
Regulation CC: “There are two required notices that fall under this regulation: one to notify consumers that funds deposited in the ATM may not be available for immediate withdrawal, and another if the ATM is off-premise and funds are removed two times or less per week to let consumers know when the deposits will be received by the credit union,” Watson said.
Regulation Z: This requires a notice before charging any credit card-related transaction fees if the fee was not disclosed in the account opening disclosures or if the fee has increased.
Overdraft Notices: Although there is no specific regulatory requirement to notify members prior to an ATM transaction that may overdraw an account, NCUA recommends providing such a notice as a best practice, Watson said.
ADA Considerations: “It is worthwhile to mention that the Department of Justice has established a number of ATM standards under the Americans with Disabilities Act. These standards address issues such as height requirements, accessible design and operability, display screen visibility, speech output, braille instructions, functional keys, and more. Specific notices may be required depending upon the location of the ATM in relation to other buildings, for example, detectable warnings may be required for changes in level or curb ramps,” Watson explained.