New Jerseyans forced to fall victim to repeated unfair ATM charges could soon be ended under a new bill released by an Assembly committee. The bill, sponsored by Assemblywoman L. Grace Spencer and Assemblyman Peter J. Barnes III, prohibits businesses from operating an automated teller machine in this state unless the automated teller machine provides consumers with an option to withdraw as much as $200 per transaction.
“Many times stores in lower-income neighborhoods underserved by banks bar people from taking out more than $20 from their ATM, for instance, thus forcing consumers to complete multiple transactions at the same ATM, all the while incurring unfair service fees,” said Spencer (D-Essex). “This practice is wrong and it needs to stop.”
“New Jerseyans in need of cash shouldn’t be subjected to schemes that force them to end up paying multiple transactions fees for no particular reason other than to make money for the store off of ATM fees,” said Barnes (D-Middlesex). “It’s unreasonable and unfair and this bill will put an end to it.”
The bill provides for enforcement by the Commissioner of Banking and Insurance, who may also adopt rules and regulations to effectuate the bill’s provisions.
The bill also provides for a civil penalty of up to $1,000 per day for failure to comply with the provisions of the bill.
The bill was released Monday by the Assembly Financial Institutions and Insurance Committee. TLS.
The problem with these bills is that it causes banks to then charge EVERYONE for EVERYTHING possible because they are not making money any other way.
Case in point: It is almost impossible to find standard free checking nowadays unless you have a high minimum balance or pay a monthly fee, or have direct deposit. Why? Because banks can’t make money off anything else these days so they charge for basic service.
TRANSPARENCY IS MORE IMPORTANT:
there should be sign near the ATM stating
1) max money to withdraw
2) transaction fee
If you don’t want to pay the fee then don’t use the ATM machine. Go to the bank to withdraw the money.
By the Govt. nothing is fair, tell them not to get involved in the business of the people
It would be nice people read the articles before commenting.
“Many times stores in lower-income neighborhoods underserved by banks bar people from taking out more than $20 from their ATM, for instance, thus forcing consumers to complete multiple transactions at the same ATM, all the while incurring unfair service fees,” said Spencer (D-Essex). “This practice is wrong and it needs to stop.”
Watch the ATM’s in the summer on the boardwalk…$3.00 to $5.00 per transaction
NO 6
this is a free country and we believe in free enterprise and capitalism. its not unfair they can do what they want. if you dont like it dont use the atm. period. tell the (moderated) democrats to stop getting in the way of business before we become a communist regime.