ATM Electronic Funds Transfer Fees
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| + | | <h4 align="center"><big>ATM ELECTRONIC FUNDS TRANSFER FEES</big><br /></h4> | ||
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| - | 15 USC 1693 et. seq. - Federal Electronic Funds Transfer Act<br> | + | |
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| + | '''15 USC 1693 et. seq. - Federal Electronic Funds Transfer Act'''<br> | ||
<p>Automated Teller Machine regulations are based upon the Federal Electronic Funds Transfer Act and Federal Reserve Regulations. These laws are normally referred to as the "Consumer Bill of Rights." These statutes and regulations delineate the rights and obligations of both consumer and financial institution Electronic Funds Transfers. '''No state or federal laws dictate fee rates, so individual banks determine fees for ATM use.'''</p> | <p>Automated Teller Machine regulations are based upon the Federal Electronic Funds Transfer Act and Federal Reserve Regulations. These laws are normally referred to as the "Consumer Bill of Rights." These statutes and regulations delineate the rights and obligations of both consumer and financial institution Electronic Funds Transfers. '''No state or federal laws dictate fee rates, so individual banks determine fees for ATM use.'''</p> | ||
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<p>When a consumer uses an ATM at a supermarket, restaurant, etc., the merchant can determine the charge deemed necessary for ATM access. It does not matter whether it is for cash or whether a purchase was made. Consumers are encouraged to shop for the best rates.</p> | <p>When a consumer uses an ATM at a supermarket, restaurant, etc., the merchant can determine the charge deemed necessary for ATM access. It does not matter whether it is for cash or whether a purchase was made. Consumers are encouraged to shop for the best rates.</p> | ||
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<p>'''Consumers should contact the bank, credit union, etc. which issued the card for complaints or problems.</p>''' | <p>'''Consumers should contact the bank, credit union, etc. which issued the card for complaints or problems.</p>''' | ||
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| - | + | Complaints against a bank or credit union can be filled with the California Department of Financial Institutions:<br> | |
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1-800-622-0620<br> | 1-800-622-0620<br> | ||
[http://www.dfi.ca.gov/ '''www.dfi.ca.gov''']<br> | [http://www.dfi.ca.gov/ '''www.dfi.ca.gov''']<br> | ||
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<p>[[file:green_arrow.jpg|link=http://www.dca.ca.gov/publications/guide/index.shtml|Consumer Resource & Referral Guide]] | <p>[[file:green_arrow.jpg|link=http://www.dca.ca.gov/publications/guide/index.shtml|Consumer Resource & Referral Guide]] | ||
Consumer Resource & Referral Guide<br> | Consumer Resource & Referral Guide<br> | ||
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Directory of State Agencies<br> | Directory of State Agencies<br> | ||
[[file:green_arrow.jpg|link=http://www.dca.ca.gov/consumer/links_federal.shtml|Directory of Federal Agencies]] | [[file:green_arrow.jpg|link=http://www.dca.ca.gov/consumer/links_federal.shtml|Directory of Federal Agencies]] | ||
Latest revision as of 18:37, 2 March 2011
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15 USC 1693 et. seq. - Federal Electronic Funds Transfer Act
Automated Teller Machine regulations are based upon the Federal Electronic Funds Transfer Act and Federal Reserve Regulations. These laws are normally referred to as the "Consumer Bill of Rights." These statutes and regulations delineate the rights and obligations of both consumer and financial institution Electronic Funds Transfers. No state or federal laws dictate fee rates, so individual banks determine fees for ATM use.
When a consumer uses an ATM at a supermarket, restaurant, etc., the merchant can determine the charge deemed necessary for ATM access. It does not matter whether it is for cash or whether a purchase was made. Consumers are encouraged to shop for the best rates.
Consumers should contact the bank, credit union, etc. which issued the card for complaints or problems.
Complaints against a bank or credit union can be filled with the California Department of Financial Institutions:
1-800-622-0620
www.dfi.ca.gov
Consumer Resource & Referral Guide
Directory of State Agencies
Directory of Federal Agencies
Return to DCA Home Page
