ATM firm agrees to change its disclosure practices following state investigation
Merrimak ATM Group LLC has agreed to pay $50,000 to the Commonwealth to settle allegations that it failed to post fee disclosure notices on some of the ATM’s it operates in the Bay State, the office of Massachusetts Attorney General Martha Coakley said Monday.
Merrimak, which is described as a non-bank ATM provider with its principal place of business in California, has also agreed to change its disclosure practices following a joint investigation by Coakley’s office and the Massachusetts Division of Banks, Coakley’s office said in a press release.
Merrimak operates hundreds of ATMs in a Massachusetts, many of them at convenience stores and parking garages. The investigation was triggered by a consumer complaint; state investigators examined Merrimak’s disclosure notices at dozens of the company’s local ATMs, Coakley’s office said.
Merrimak agreed to make changes to its Massachusetts disclosure practices in a legal document called an “assurance of discontinuance,” or AOD, that was filed Monday at Suffolk Superior Court.
“Merrimak enters into this AOD for settlement purposes only and neither admits nor denies the AGO’s allegations,” the AOD said.
AGO is a reference to the attorney general’s office.
“It is important that consumers be given appropriate disclosure to allow them to make informed decisions regarding their automated banking transactions,” Massachusetts Commissioner of Banks David J. Cotney said in a statement. “The division believes this joint effort with the office of the attorney general will greatly benefit consumers.”Chris Reidy can be reached at email@example.com.