New ATM Legislation

The ATM legislation that was passed by the New York City Council in July may have an effect on financial institutions far from the city.

There are now members of the United States Congress taking a long look at the requirements imposed by the New York law, with a thought of introducing a bill that would impose these standards nationwide.What would it cost your financial institution to make the changes? It is possible that you would have to:
Install more lighting.
Install surveillance cameras at each ATM location.
Install entry doors to vestibules and enclose locations that can only be opened with ATM cards and access codes.
If ATM is in enclosed area, at least one exterior wall must be of glass or transparent material.
Install mirrors so that the ATM user will have a rear view. Mirrors will also be used for areas that would otherwise be concealed.
Install signs that would explain safety precautions to customers.
In addition, the financial institution would have to file an inventory of ATMs with the police department listing the address, intersecting streets, hours of operation, method of security, method of surveillance and other details on each ATM location.

Copyright © 1993 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 3, No. 10, 3/93