House Subcommittee: Insufficient Votes For Your ATM Fees Bill
RICHMOND, Va. – Late Tuesday night, the House Commerce and Labor subcommittee #4 rejected Delegate Irene Shin’s legislation (HB 2485) that would cap privately-owned ATM fees at $3 per transaction. It was a party-line vote: five Republicans rejected the bill, and one Democrat supported the bill.
“As more and more bank branches close, and banking increasingly moves online, privately-owned ATMs are often the only option people have to withdraw money from their accounts. This legislation would cap ATM fees at a maximum of $3 per transaction and requires notification of fees prior to a withdrawal.” Delegate Shin said after the committee meeting.
This legislation would also allow consumers to use privately-owned ATMs to make balance inquiries without being charged a fee. In order to enforce these transaction limits, privately-owned ATM networks, commonly found in convenience stores and gas stations, would be subject to registration by the State Corporation Commission (SCC).
“Cash-apps and other online transactions have allowed more and more Virginians access to electronic accounts. But that doesn’t mean that they don’t need access to physical currency. Bank branches are closing across Virginia, particularly in low income communities. A $3 per-withdrawal limit allows privately-owned ATM networks to make a reasonable profit without price-gouging these consumers.” Delegate Shin said after the committee meeting.
Delegate Shin will continue to bring much-needed banking reform legislation in coming legislative sessions.
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Delegate Irene Shin (D-Fairfax) currently represents the 86th District in the Virginia House of Delegates. Delegate Shin was first elected in 2021. The 86th District includes the Town of Herndon, and parts of Fairfax and Loudoun Counties. Delegate Shin currently serves on the Counties, Cities and Towns Committee, and the Communications, Innovation and Technology Committee. Delegate Shin’s Legislative Agenda can be viewed here. Delegate Shin lives in the beautiful Town of Herndon in Fairfax County.
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