NAFCU has written U.S. Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) over its concern with an amendment capping ATM fees.

"Currently, consumers of financial institutions can use ATMs owned by that institution for free," the association wrote the lawmakers. "An ATM fee is only incurred if using an ATM from an institution for which you are not an account holder. These fees help to cover the cost of machine installation, maintenance, and security incurred by the ATM owner, particularly in rural areas where there may be fewer banking institutions and fewer ATMs. Additionally, ATM fees serve as a deterrent from non-account holders emptying ATMs of cash, increasing operating costs and inconveniencing account holders."

The amendment would allow the Bureau of Consumer Financial Protection to impose a limitation on fees charged by ATM operators, ANAFCU added. An arbitrary cap on ATM charges could ultimately force many financial institutions, including credit unions, to close their automated machines, to the detriment of their customers and members. NAFCU therefore asks that you oppose the amendment in its current form.