Trending...
- IRF Builders Forum Brings Global Leaders to Washington, D.C. to Advance Religious Freedom Through Cooperative Engagement
- A rare chance to own a multi-family property in the heart of Bay Ridge
- Mortgage Rates And Demand Are Stuck In A Holding Pattern
The National ATM Council, Inc. ("NAC"), the U.S. trade association representing the Independent/Retail ATM industry, commends the Office of the Comptroller of the Currency (OCC) for adopting a new federal rule aimed at ensuring the provision of fair access to banking services by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.
JACKSONVILLE, Fla. - illiNews -- The National ATM Council, Inc. ("NAC"), the U.S. trade association representing the Independent/Retail ATM industry, commends the Office of the Comptroller of the Currency (OCC) for adopting a new federal rule aimed at ensuring the provision of fair access to banking services by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.
"We are hopeful this new OCC rule will bring an end to the current nationwide denial to independent ATM providers of fair and reasonable access to the very same business banking services and accounts otherwise enjoyed by all lawful businesses in the U.S.," said NAC Executive Director Bruce Renard.
ATM deployers must be able to maintain at least one bank account for the "vault cash" that is loaded into and dispensed from their ATMs. After those funds have been dispensed to ATM customers, they then are replenished electronically with funds transmitted from the withdrawing cardholders' bank accounts to the ATM deployer's account, via the U.S. banking system's financial settlements process. Thus, unless the ATM deployer has a bank account from which to obtain its ATM vault cash and receive return electronic transmissions of those funds, it cannot operate its business. Every ATM business must be sponsored by a bank before being allowed to become a member of the regional and global financial networks through which all ATM transactions are conducted.
More on illi News
Yet far too many of these small-business ATM entrepreneurs are currently unable to obtain or maintain bank accounts with any major national bank in the U.S. These banks account for the largest share of the U.S. bank offices where ATM companies historically have held their ATM vault cash. But businesses in the independent ATM industry now are universally refused accounts because all the big banks have misclassified ATM entrepreneurs as "high-risk" businesses, simply because ATM deployers are "cash-intensive" by nature. However, while they deny banking services to all competitive ATM providers, these very same banks also operate very large "cash-intensive" ATM fleets of their own and charge their cardholders costly "disloyalty fees" each time they use an ATM not owned by their bank.
"The current denial of ATM company accounts by major banks in America is a perfect example of how our banking system went awry in the wake of Operation Choke Point and beyond, cutting off lawful ATM businesses from the banking system for no valid reason whatsoever," said NAC Chair and Access One CEO George Sarantopoulos. "Regardless of whether the conduct of these banks is based upon anticompetitive or other self-serving motives, misguided federal banking regulation, or some mix of the two, the end result remains the same. Legitimate ATM companies are being denied the basic business banking services that are essential to their businesses. We thank the OCC for taking action to address this important issue for America's ATM deployers, and to ensure compliance with federal law on the part of our nation's largest banks."
More on illi News
Independent ATMs account for almost sixty percent of all the ATMs deployed today in America. These entrepreneurial ATMs have become key to making convenient and widespread cash access a reality throughout our nation. Recognized as "Essential Businesses" by the U.S. Department of Homeland Security, Independent ATMs also continue to play an instrumental role in distributing COVID-19 recovery funds and unemployment insurance payments to the tens of millions of Americans hit hardest by our current national pandemic. Studies have shown that Independent ATMs are virtually the only terminals that serve lower-income inner-city neighborhoods and rural communities throughout the nation where there are no banks or bank provided ATMs, and that otherwise would be "cash deserts."
The newly adopted OCC rule is scheduled to become effective April 1, 2021.
"We are hopeful this new OCC rule will bring an end to the current nationwide denial to independent ATM providers of fair and reasonable access to the very same business banking services and accounts otherwise enjoyed by all lawful businesses in the U.S.," said NAC Executive Director Bruce Renard.
ATM deployers must be able to maintain at least one bank account for the "vault cash" that is loaded into and dispensed from their ATMs. After those funds have been dispensed to ATM customers, they then are replenished electronically with funds transmitted from the withdrawing cardholders' bank accounts to the ATM deployer's account, via the U.S. banking system's financial settlements process. Thus, unless the ATM deployer has a bank account from which to obtain its ATM vault cash and receive return electronic transmissions of those funds, it cannot operate its business. Every ATM business must be sponsored by a bank before being allowed to become a member of the regional and global financial networks through which all ATM transactions are conducted.
More on illi News
- Valley Sleep Therapy Expands to Prescott with New Location at Crossings Road
- New Dad Battles Leukemia and Wins!
- Kefir Comes to NASCAR as Lifeway Foods Races into Hometown Weekend with Driver Josh Bilicki at The Loop 110
- Recession-Proof Startups: What Business Plans Investors Are Actually Funding in 2025
- $17.4 Million Total Revenue for First Half of 2025 (up 31.8% YOY) for Global Wet Trades Services Provider with High Value Bitcoin Investments
Yet far too many of these small-business ATM entrepreneurs are currently unable to obtain or maintain bank accounts with any major national bank in the U.S. These banks account for the largest share of the U.S. bank offices where ATM companies historically have held their ATM vault cash. But businesses in the independent ATM industry now are universally refused accounts because all the big banks have misclassified ATM entrepreneurs as "high-risk" businesses, simply because ATM deployers are "cash-intensive" by nature. However, while they deny banking services to all competitive ATM providers, these very same banks also operate very large "cash-intensive" ATM fleets of their own and charge their cardholders costly "disloyalty fees" each time they use an ATM not owned by their bank.
"The current denial of ATM company accounts by major banks in America is a perfect example of how our banking system went awry in the wake of Operation Choke Point and beyond, cutting off lawful ATM businesses from the banking system for no valid reason whatsoever," said NAC Chair and Access One CEO George Sarantopoulos. "Regardless of whether the conduct of these banks is based upon anticompetitive or other self-serving motives, misguided federal banking regulation, or some mix of the two, the end result remains the same. Legitimate ATM companies are being denied the basic business banking services that are essential to their businesses. We thank the OCC for taking action to address this important issue for America's ATM deployers, and to ensure compliance with federal law on the part of our nation's largest banks."
More on illi News
- $12.8 Million Net Revenue for 2024 for Cloud-Based Crowdsourcing Recruitment and SaaS-Enabled HR Solutions Provider: Baiya International Group Inc
- City of Chicago Releases Annual Comprehensive Financial Report for Fiscal Year 2024
- Indies United is pleased to present our July 2025 book releases
- Endurance Warranty Earns 2025 Buyer's Choice Awards from ConsumerAffairs Through Verified Customer Reviews
- Hire Virtue Announces Executive Sponsorship Opportunity for Houston Hiring Blitz & Job Fair on August 6, 2025
Independent ATMs account for almost sixty percent of all the ATMs deployed today in America. These entrepreneurial ATMs have become key to making convenient and widespread cash access a reality throughout our nation. Recognized as "Essential Businesses" by the U.S. Department of Homeland Security, Independent ATMs also continue to play an instrumental role in distributing COVID-19 recovery funds and unemployment insurance payments to the tens of millions of Americans hit hardest by our current national pandemic. Studies have shown that Independent ATMs are virtually the only terminals that serve lower-income inner-city neighborhoods and rural communities throughout the nation where there are no banks or bank provided ATMs, and that otherwise would be "cash deserts."
The newly adopted OCC rule is scheduled to become effective April 1, 2021.
Source: The National ATM Council, Inc.
Filed Under: Business, Government
0 Comments
Latest on illi News
- Spartan & Guardians Partner with Guitar Legend Buckethead to Support Global Child Rescue Efforts
- Mt. Carmel's Claude Mpouma to Announce College Commitment — Media Invited
- Bennett Awards Crafts Custom Trophies for Inaugural OMTEC Awards at 2025 Orthopedic Expo
- Preliminary.online Introduces Short-Term Job-Readiness Courses with Employer-Verified Certifications
- Psychologist-Turned-Hermeticist Releases Modern Guide to the Seven Hermetic Principles
- Winners Announced for Asia Pacific Business Awards 2024-2025
- Hamvay-Lang and Lampone.hu Join Forces with AIMarketingugynokseg.hu to Elevate Hungarian Lifestyle Brands on the Global Stage
- Google AI Quietly Corrects the Record on Republic of Aquitaine's Legal Sovereignty
- The Lashe Rapid Dry Adhesive & Fan Lash Extensions Featured in eWellness Magazine's Lash Story
- NYC Leadership Strategist Stacie Selise Launches Groundbreaking 4S Framework Series to Redefine Executive Excellence
- Chicago: Mayor Brandon Johnson Announces 2026 Budget Engagement Roundtables
- Make Innovation Matter: Support H.R.1's R&D Expensing Relief for American Small Businesses
- Agreement to Supply US-Based Defense Provider with Thin-Film Solar Tech for Orbital Application; Ascent Solar Technologies, Inc. (N A S D A Q: ASTI)
- Byrd Davis Alden & Henrichson Launches Independence Day Safe Ride Initiative with 500 Free Uber Credits
- databahn Launches GenAI Sales Intelligence Platform to Revolutionize Fortune 500 and Global 2000 Account Research
- IRF Builders Forum Brings Global Leaders to Washington, D.C. to Advance Religious Freedom Through Cooperative Engagement
- Universal Destinations & Experiences Plans Second Universal Horror Unleashed in Chicago
- Colorado Scenthound Locations Partner with Humane Colorado to Give Adopted Dogs a "Clean Start"
- Big Green Egg and Ace Hardware Launch "Egg Your Neighbor" Contest to Celebrate Neighborhood Heroes
- Pi9 Becomes a Microsoft Training Services Partner