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Duane Morris LLP | USA | 2 Nov 2011
Electronic Funds Transfer Act: class actions surge highlighted by recent cases
The Electronic Funds Transfer Act, 15 U.S.C. 1693 et seq. (EFTA), and its regulations promulgated by the Federal Deposit Insurance Corporation (FDIC), Reg E, 12 C.F.R. sect; 205.16, require, in relevant part, that banks charging a fee to non-bank cardholders for automatic teller machine (ATM) withdrawals must post in a prominent and conspicuous location on or at the automated teller machine a notice that a fee will be imposed for providing electronic fund transfer services or for a balance inquiry.