TRENTON – The Assembly approved legislation 69-10 that would require automated teller machines to allow customers to withdraw up to $200 per transaction.
The bill (A-595) is aimed at making sure that customers are not unfairly charged additional transaction fees to access their money.
“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 it came to a stop.”
“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), another of the bill’s sponsors. “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 now heads to the Senate for further consideration.
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