The National ATM Council just announced the results of their 2019 survey on ATM bank account closures, finding that the crisis continues for independent ATM owners, who make up nearly 60 percent of all terminal operators in the U.S. today.
“Survey results demonstrate that large numbers of ATM vault cash bank account closures and denials continue to plague U.S. independent retail ATM owners,” said NAC executive director Bruce Renard. A sizable 44 percent of survey respondents reported closures of their other business and personal bank accounts in addition to their ATM accounts.
The group says ATM entrepreneurs are in crisis, having their various accounts closed for no reason and having difficulty establishing new accounts. “These retail ATMs are the cash machines that serve lower income inner city and rural communities, among numerous other locations across the country,” NAC explained. “In many of these areas there are no bank branches or bank ATMS to be found.”
Other findings: of the 189 vault cash bank account closures and denials reported by respondents, nearly 70 percent involved the largest national banks. A total of 48 different financial institutions were named. Thirteen percent reported having to prematurely sell or dissolve their ATM business because of the issues; more than 20 percent took several months to establish a new account.
NAC encourages those who’ve experienced recent bank account closures or denials to contact them at 904-683-6533 or mail@natmc.org for assistance.