LAS VEGAS (10/31/11)--A cased filed in U.S. District Court cited 17 Las Vegas nonbank operators of ATMs for for allegedly not following rules about disclosing fees.
Regulation E set by the Federal Reserve a decade ago state that any ATM withdrawal charge, typically $2, must be noticed on or near the machine and on the screen before completing a transaction. Violations can lead to penalties as high as $500,000 (Las Vegas Review-Journal Oct. 28).
The ATMs locations include the Golden Nugget casino, a Greyhound bus station restaurants and convenience stores. But plaintiff's attorney Mark Henness said the main concern is financial institutions that do not provide disclosures.
Many ATM operators are unaware that they must display free disclosures both on the outside of the machine. Many of those cited only displayed the disclosure on screen.
Henness said his law firm is pursuing the cases for the benefit of consumers.