The 1987 Electronic Fund Transfer Act (EFTA) requires banks to offer consumers a printed receipt available whenever a customer initiates an EFT at any electronic terminal, including ATMs and retail point-of-sale devices. The law currently requires that receipts be issued for all transactions, regardless of the amount.
The banking industry requested that small EFT transactions be excepted from this requirement due to the costs involved with installing and maintaining receipt printing equipment at locations that handle mainly small-dollar amount transactions, like vending machines and public mass-transit ticket sales stations.
The $15 transaction threshold represents a compromise between the banking industry, which favored setting the limit at $25, and consumer groups, which suggested a $5 limit. The Board also received comments from individual consumers who objected to the proposed rule change altogether, citing a need for receipts for various reasons, including account management, fraud detection, and reimbursement and income tax substantiation purposes.
The new rule will go into effect 30 days after publication in the Federal Register.
Also See:
What the Federal Reserve System Does (US Economy)
The Federal Rulemaking Process: Laws Behind the Acts
Costs and Benefits of Government Regulations
Comments
The banking industry these days provides a very effective service known as Electronic Fund Transfer. People can enjoy this effective service from your place by just clicking on the computer screen.