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CU System
Missouri governor vetoes GAP ATM fee bills
JEFFERSON CITY, Mo. (7/20/10)--Missouri Gov. Jay Nixon has vetoed a bill that affects credit unions in two ways--in regards to guaranteed asset protection (GAP) and ATM fees--said the Missouri Credit Union Association. The bill, S.B. 777, said financial institutions may offer GAP products. Also included in the bill was a provision that allows the owner or operator of an ATM to charge an access fee or surcharge to an individual conducting a transaction with a foreign bank account. Foreign banks can charge Americans a fee when they travel overseas, the association said (The Missouri difference July 16). Nixon indicated in a letter that the state attorney general continues to receive complaints about GAP products, said Peggy Nalls, association senior vice president of Public/Legislative Affairs. “We maintain, and have communicated, that the complaints are not generated by credit union GAP products,” Nalls said. “Credit unions may continue offering these products, but we will be monitoring bills closely next session for any GAP-related legislation. We expect to support legislation regarding the collection of ATM fees from international travelers in the 2011 session.” To read Nixon’s veto letter, use the link.
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