The National ATM Council recently filed its industry comments in response to an OCC proceeding regarding the ongoing widespread denial of essential banking services for a variety of industries, including the independent ATM business.
In its comments, the NAC says it emphasized the essential nature of depository accounts for ATM companies.
“All ATM companies require bank accounts to operate their businesses and house their ATM vault cash,” said George Sarantopoulos, NAC Board Chair and CEO of Brooklyn, N.Y.-based Access One Solutions. “To continue serving America’s daily needs for convenient and widespread access to cash, our industry requires the same fundamental banking services as all other lawful U.S. businesses. There is no basis upon which to deny reasonable bank account access to our industry.”
Added NAC Executive Director Bruce Renard: “The outcome and ultimate effect of the proposed rule is uncertain, although it appears the agency is anxious to try and implement the proposed rule promptly.” He noted that leading Democrats on the House Financial Services Committee, led by Chair Maxine Waters, have strongly opposed the rule in a letter.
“The good news for ATM providers is, however, that many of the key House members signing the comments opposing the OCC’s proposed rule were also signers of a recent letter sent from a group of bipartisan House members to the top federal bank regulatory heads (including the comptroller at the OCC) regarding the specific problems experienced with respect to independent/retail ATM bank account closures/denials and the need for prompt and effective action to restore reasonable access to banking services for this vital industry segment.”
You can see the OCC’s proposed rule, called Fair Access to Financial Services, here on the National Archives’ Federal Register. Visit www.natmc.org for more information about the National ATM Council.