Prohibits certain predatory automated teller machine fees

• Democratic7

◆ The sponsor's argument

Why James Sanders Jr. says this is needed

Automated teller machines (ATMs) provide a simple, efficient, and acces- sible way for one to receive their hard-earned money in cash. However, like with most services, it comes at a cost. This cost is the same regardless of one's income, meaning that for those who earn less, the cost to simply get their money in cash hits harder. The problem is exacerbated when groups of people become captive audi- ences to ATM providers. Essentially, due to their circumstances they have no choice but to pay an exorbitant fee to take out their own money. This is particularly true when it comes to students on college campuses. The employment rate for full-time undergraduate students in 2020, according to the National Center for Education Statistics, is just 40%. This is far lower that then that of adults, who have an employment rate that generally exceeds 95%. College students are already burdened with the high cost to attend school, including but not limited to tuition, housing and purchasing textbooks and other class-related materials. Worrying about whether they can simply afford to take their money out of an ATM should not be among those costs, and on remote campuses where students spend most of their time, they should not be treated as captive audiences to ATM providers. And it's not just college students who are affected. Step into any casi- no, and you'll find ATMs that charge exorbitant fees since you have nowhere else to go to get cash. While the national average ATM fee hovers at a few dollars, these machines demand a staggering $10, $15, or even more just for the privilege of accessing one's own money. It's an inherently unfair, predatory practice that targets people who are already taking a financial risk - and who, on average, lose. Casinos generate substantial revenue from the funds wagered on their premises, yet these ATM fees extract additional sums from patrons before they can even participate. This bill targets two high-risk areas with respect to ATM fees to ensure that the people on these premises can access their money at a reasonable cost, and hold accountable the owners of the premises when they subject those on their premises to unreasonable fees.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.