One ATM Manufacturer Ready for New Reg
If and when the Federal Reserve gets around to requiring financial institutions to notify their customers at an ATM that they are about to overdraw their account, at least one ATM manufacturer says it will be ready.
Triton Systems, an ATM manufacturer that is a subsidiary of the Dove Corporation, said its machines can already notify users if a withdrawal by ATM is about to overdraw their debit or checking accounts. It added that it has already deployed that function for some clients with private banking customers.
"We have customized this for private banking clients to provide such overdraft notifications for their customers and that software is running in the field today," the company said.
The Federal Reserve Board did not require customers to be offered a chance to opt-in at the ATM because it concluded the technology for "real time" ATM notifications about overdrafts did not exist.