TRENTON – Legislation to protect New Jerseyans from unfair ATM charges was released Thursday by an Assembly panel.
The bill (A-1014) prohibits businesses from operating an automated teller machine in this state unless the automated teller machine provides consumers with an option to withdraw as much as $200 per transaction.
“Many times stores in lower-income neighborhoods underserved by banks bar people from taking out more than $20 from their ATM, for instance, thus forcing consumers to complete multiple transactions at the same ATM, all the while incurring unfair service fees,” said Assemblywoman L. Grace Spencer (D-Essex), a sponsor of the bill. “That is wrong and it’s time to came to a stop.”
The bill provides for enforcement by the Commissioner of Banking and Insurance, who may also adopt rules and regulations to effectuate the bill’s provisions.
The bill also provides for a civil penalty of up to $1,000 per day for failure to comply with the provisions of the bill.
The bill was released by the Assembly Financial Institutions and Insurance Committee. It now goes to the Assembly Speaker, who decides if and when it gets a floor vote.
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