Illinois credit unions will no longer be required to post feedisclosure stickers or signs on ATMs thanks to HB 2432 that wassigned into law last week by Gov. Pat Quinn.
The state bill provides parity with federal requirementsregarding ATM fee disclosure, according to the Illinois Credit Union League. Previously, the federalElectronic Fund Transfer Act mandated that ATMs have a sticker orsign and an on-screen notice to alert consumers about fees.
In December 2012, President Barack Obama signed federallegislation removing the requirement for the physical sign, keepingintact the requirement for electronic disclosure of fees and anopportunity for the cardholder to cancel the transaction beforeincurring any fees.
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