NAC And ATMIA Sign Bilateral Agreement Seeking To End U.S. ATM Bank Account Closures

Posted On: 2/19/2019

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WASHINGTON, DC -- The National ATM Council (NAC) and the ATM Industry Association (ATMIA) have signed a deal to pursue a new joint campaign aimed at ending the ongoing damaging impacts of bank account closures and new account denials in the U.S. independent ATM market, in the aftermath of the government's now defunct Operation Choke Point program.
The agreement paves the way for the two organizations to share resources, ideas, information and plans to combat this issue in a segment of the domestic U.S. market which accounts for well over half the ATMs currently deployed throughout the nation.
"NAC is excited to be working with ATMIA in our fight to restore reasonable access to the U.S. banking system for America's independent ATM providers," said NAC executive director Bruce Wayne Renard. "Working together, I am hopeful we can reverse the current misperceptions that ATM companies are 'high risk' accounts, and instead restore an understanding that ATM providers are in fact bank-sponsored and heavily vetted businesses, whose vault cash is inherently trackable as part of the simple, cyclical, closed-loop, and highly transparent 'financial settlements' process to which it is subject."
ATMIA chief executive Mike Lee added: "The ATM Industry Association strongly opposes any arbitrary bank account closures in the vital independent retail ATM market, as this sector is crucial to the circulation of cash throughout the U.S. economy and to the daily operation of thousands of businesses. I'm delighted and honored to partner with NAC to eradicate all the lingering impacts of Choke Point. This is our top U.S. industry issue today."
Both associations are in the process of formulating a joint action plan and exchanging essential resources to redouble their respective advocacy efforts and promptly end the bank account closures and new account denials being experienced in the U.S. ATM market. As another initial step in this initiative, ATMIA and NAC are coordinating parallel ATM industry surveys to gather the most current and comprehensive data available on the full scope and nature of the problem.