TRENTON – Legislation to prevent New Jerseyans from being forced to pay multiple transaction fees to withdraw money from an ATM has been released by an Assembly committee.
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.
“New Jerseyans in need of cash shouldn’t be subjected to schemes that force them to end up paying multiple transactions fees for no particular reason other than to make money for the store off of ATM fees,” said Assemblyman Peter J. Barnes III (D-Middlesex), a sponsor of the bill. “It’s unreasonable and unfair and this bill will put an end to it.”
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 Monday by the Assembly Financial Institutions and Insurance Committee.
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