Beware EFTA Notice Requirements

Law360, New York (September 30, 2010, 10:49 AM EDT) -- Recently, we have seen a dramatic increase in the number of class actions filed against financial institutions and other entities resulting from their operation of automated teller machines (ATMs).

These lawsuits have been filed by plaintiffs' firms located in Dallas, Texas, and Memphis, Tenn., and the suits have been filed in the Southeast, primarily Texas, Mississippi, Alabama and Tennessee.

The suits seek damages for alleged violations of the notice requirements under the Electronic Fund Transfer Act, 15 U.S.C § 1693, et seq., and its implementing regulations...
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