ASSEMBLY CONCURRENT RESOLUTION No. 78

 

STATE OF NEW JERSEY

 

INTRODUCED MAY 13, 1996

 

 

By Assemblywoman HECK and Assemblyman BATEMAN

 

 

A Concurrent Resolution memorializing the Congress and President of the United States to enact legislation prohibiting the imposition of a certain electronic fund transfer fee.

 

Whereas, State and federally chartered financial institutions (banks, savings banks, savings and loan associations and credit unions) have put considerable emphasis on the use by customers of automated teller machine (ATM) cards, rather than carrying cash; and

Whereas, Many of the largest financial institutions are trying to convince customers to use ATMs more and to visit their branches less, so branches can be closed and operating costs can be cut; and

Whereas, Most financial institutions already charge a fee to certain of their customers when they use an ATM owned by another financial institution or independent company; and

Whereas, Under considerable pressure, VISA, which operates the VISA U.S.A's Plus network connecting the ATMs of thousands of banks, has reversed its policy and agreed to permit financial institutions using the Plus network to charge their customers the access fee the financial institutions are charged for using the Plus network; now, therefore,

 

    Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

 

    1. The Congress and the President of the United States are respectfully memorialized to enact legislation which prohibits the imposition of a fee by a person other than the financial institution which holds the account of the customer when a consumer accesses an electronic terminal operated by that person.

 

    2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk of the General Assembly, and signed by the President of the Senate and attested by the Secretary of the Senate, shall be forwarded to the President of the United States and the presiding officers of the United States Senate and the House of Representatives, and to each of the


members of the Congress of the United States elected from the State of New Jersey.

 

 

STATEMENT

 

    This concurrent resolution memorializes the Congress and President of the United States to enact legislation to prohibit the imposition of a certain electronic fund transfer fee.

 

 

 

Memorializes U.S. Congress and President to prohibit the imposition of a certain electronic fund transfer fee.