Vermont ATM Disclosure Requirements Updated Posted by Association of Vermont Credit Unions on 9:58 AM

Financial institutions with ATMs in Vermont have a newly updated disclosure requirement with which to comply. Vermont's Department of Financial Regulation has replaced Banking Bulletin #21, which dates back to 1998, with the updated Banking Bulletin #43 regarding ATM disclosure requirements. The change is to reflect technology advancements and on-screen disclosure capabilities.

The new ATM disclosure requirements are applicable to all ATMs located in Vermont, regardless of whether the owner is state or federally chartered.    The new bulletin, similar to the old one, imposes 3 requirements on ATM owners. In broad summary, they are:

1. Provide notification to DFR of any new ATM prior to activation, along with samples of printed or on-screen required disclosures and how they are disclosed.
2. Install prominent signage at the ATM location, or on the initial ATM screen, that informs cardholders of impending fees, and details about the ATM owner.
3. An on-screen notice about any surcharge about to be applied and ability for the cardholder to cancel the transaction.

Specifics of the requirements to be fulfilled by ATM owners in DFR Banking Bulletin #43 are available online.