Bills would limit ATM fees, overdraft fees

PROVIDENCE – State legislators are considering several measures that would restrict certain fees typically charged by financial institutions.
One bill sponsored by Rep. Agostinho F. Silva, D-Central Falls, would limit ATM fees to a maximum of $1 per transaction. Under the legislation, H 5260, would apply to all financial institutions, credit unions and other entities that operate ATMs in Rhode Island. The bill was scheduled for a hearing before the House Corporations Committee last week.
Another bill sponsored Sen. Frank A. Ciccone III, D-Providence, would limit bank overdraft fees to $5 for each bounced check. That proposed measure S 0106, was heard by the Senate Corporations Committee earlier this month, but no action had been taken on the bill as of last Friday.
In related legislation, Ciccone is also sponsoring a bill, S 0293, that would require lenders who make small loans such as check cashers and payday lenders to disclose their net profits, community involvement and donation policies as part of their license renewal process. Lenders also would have to disclose any donations.