The ATM Industry Association (ATMIA) has announced the results of its 2019 IAD Cash Settlement Account Closure Survey. The recently-released report, which sought to quantify the epidemic of bank account closures of ATM operators, got feedback from independent ATM operators across the country via an online survey.
An overwhelming number of respondents (85 percent) have loaded ATMs with cash from a settlement account held by a bank or credit union, now or in the past. An even greater number of people have had ATM-related accounts closed at least once by a financial institution (88 percent).
As the association noted, despite the official termination of Operation Choke Point in 2017, many ATM operators continue to see their cash settlement and other business accounts closed for questionable reasons. The survey also sought to answer a variety of key questions surrounding the closures, such as how widespread this problem is, what circumstances surround a typical account closure, and how operators are dealing with it. The survey was open to all independent ATM operators/owners/acquirers as well as ATMIA members and non-members.
It’s available in full here: www.atmia.com/files/press%20releases/2019-IAD-bank-account-closure-survey-report-final.pdf