What must happen if a bank adds an ATM access feature to a savings account?

When a bank adds an ATM access feature to a savings account, it is required to disclose changes made according to Regulation E, which governs electronic fund transfers. This regulation mandates financial institutions to notify customers about any changes to the terms and conditions of accounts that affect electronic withdrawal or deposit functions, including the introduction of an ATM feature. This is essential because such changes can affect how a customer accesses their funds and what fees might be associated with using the ATM.

Providing clear and comprehensive disclosures helps ensure that consumers are informed about their rights, fees, and the conditions of accessing their funds with the new features. Transparency is a primary component of both Regulation E and the Truth in Savings Act, which promotes consumer awareness and protection regarding financial products and services.