NAFCU has written a letter to U.S. Senators about one of the amendments to the Restoring American Financial Stability Act of 2010 that has drawn little attention, a measure that would cap ATM fees at fifty cents per transaction.
ATM deployers, including credit unions and other financial institutions, began charging fees to ATM users who do not have accounts with the deploying institutions in the late 1980s and the industry has faced attempts to cap or limit them, on and off, ever since.
The industry has generally successfully countered these attempts by arguing the fees help them recover the costs of deploying ATMs. The ATM Industry Association has argued that ATM fees have been responsible for widespread ATM deployment as well, by increasing ATM profitability.
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