Newsroom

There are a number of laws and regulations that dictate notices and signage credit unions must display on ATMs, largely based on the machine's capabilities. NAFCU Regulatory Compliance Counsel Reginald Watson provides credit unions with a rundown of common notices required by federal regulations in a new Compliance Blog post.

Here are a few of the regulations Watson explains:

Regulation E: This requires ATM operators to provide a notice when a fee may be imposed for transfers or balance inquiries. Credit unions can only impose these fees if the consumer is notified of the fee and elects to continue.

Regulation CC: There are two required notices that fall under this regulation: one to notify consumers that funds deposited in the ATM may not be available for immediate withdrawal, and another if the ATM is off-premise and funds are removed two times or less per week to let consumers know when the deposits will be received by the credit union.

Regulation Z: This requires a notice before charging any credit card-related transaction fees if the fee was not disclosed in the account opening disclosures or if the fee has increased.

Watson also addresses overdraft notices, Americans with Disabilities Act (ADA) considerations, NCUA sign requirements and more. Read the full blog here.

Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday and Friday by clicking here.