(Washington, D.C.) – U.S. Senator Patty Murray (D-WA) has
co-sponsored an amendment to the Wall Street Reform bill that would protect
Washington state consumers from exorbitant fees charged by banks at Automated
Teller Machines. The amendment
requires the new Consumer Financial Protection Bureau to ensure that fees
charged to consumers at ATMs are reasonably related to the cost of processing
the transaction.
“At one
time or another we have all stared at an ATM in disbelief at being charged huge
sums just to get our own money out of the bank,” said Senator Murray. “It’s a racket
that lines the pockets of big banks and it needs to end. The truth is that it
costs banks a tiny fraction of the fee they’re charging to consumers to process
these transactions. We need to restore an even playing field for consumers.
This amendment would give the new Consumer Protection Bureau the power to
prevent banks from gouging customers at the ATM.”
The Federal Reserve estimates that the national average per ATM transaction fee is
now $2.66 and in some cases banks charge as high as $5 per transaction. On average, the real cost of processing a
transaction is 36 cents or less. The amendment Senator Murray is working to
pass into law would require that ATM fees “bear a reasonable
relation to the cost of processing the transaction.”
The amendment
Senator Murray has co-sponsored was introduced by Senator Tom Harkin (D-IA).
The amendment is supported by the US Public Interest Research Group, the
Consumer Federation of America, Consumer Action, Consumers Union and the
National Consumer Law Center.
Senator Murray continues to work to bring the amendment
to a vote in the Senate, however Republicans have thus far blocked its
consideration.
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