At 12:08 PM -0400 7/3/2000, William Allen Simpson wrote:
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>"Arnold G. Reinhold" wrote:
>> Nothing new here. I often buy stuff on line and only get e-mail
>> receipts. My credit card statements are a backup, I suppose. If
>> anything the new law will strengthen our case with the IRS.
>>
>Possibly, but I also see language in the Act
>
> (iv) informing the consumer (I) how, after the consent, the
> consumer may, upon request, obtain a paper copy of an electronic
> record, and (II) whether any fee will be charged for such copy;
>
>So, what happens when they "inform" you that your statement has a fee?
>Saying, of course, that the new fee was authorized by Congress?
>
>Will lack of a fee be a competitive pressure? Remember how a few
>years ago _every_ bank began adding statement fees? Even some credit
>unions began charging. (I changed credit unions over this issue.)
>
>I expect all ATMs to add a few words to the "Would you like a receipt?"
>query, "for only 50 cents?"
>
>It will be very hard for municipalities to outlaw such ATM charges,
>as the Federal legislation explicitly supercedes state and local laws.
>
I'm not convinced that congressional language requiring that
consumers be informed of any fee would be read by the courts as
authorizing those fees and pre-empting local regulation. In fact
section 101(b) of the new law specifically states:
"This title does not-- (1) limit, alter, or otherwise affect any
requirement imposed by a statute, regulation, or rule of law relating
to the rights and obligations of persons under such statute,
regulation, or rule of law other than a requirement that contracts or
other records be written, signed, or in nonelectronic form;..."
That said, unbundling of fees for hard copy statements and receipts
may be a good idea. We always were paying for those statements,
either in monthly account fees or in reduced interest on our
deposits. I am drowning in a sea of little pieces of paper and an
all-electronic way of managing my financial information seems very
attractive. Unbundling might move that along.
Arnold Reinhold
