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NAC in D.C. to Address ATM Bank Account Closure Crisis

In response to a flood of communications from ATM owners/operators across the country whose bank accounts have been abruptly closed without reason - and who are now being blacklisted/blackballed from opening new bank accounts - NAC continues to devote enormous energy and resources to restoring reasonable bank account access for America's Independent ATM providers.

Congressman Blaine Luetkemeyer with NAC representatives

L-R - NAC Member Chris Dedyo,
Congressman Blaine Leutkemeyer, and
NAC Executive Director Bruce Renard

NAC's prior efforts in implementing industry Guidelines on ATM Vault Cash/Settlement Accounts, and extensive work with dozens of NAC members, have allowed our industry to continue finding a way to operate in the face of the misguided application of Operation Choke Point regulations to our sector by the nation's bank regulators and major banks. 
 
With the latest wave of account closures by Bank of America and a renewed burst of account cancellations by Wells Fargo, this issue has reached crisis proportions for our entire industry and our nation. NAC's Board, professional Staff and DC representatives are fully committed to pursuing a solution that will resolve this dire situation.
Congressman Blaine Luetkemeyer, Chairman of the Financial Institutions Subcommittee of the House Financial Services Committee in Congress, has been particularly engaged in an effort to assist. Immediately following NAC's recent meeting, Chairman Luetkemeyer contacted the White House to express strong concern over the damage being done to individual companies and potentially the economy as a whole because of this issue. In addition to the Chairman's work with the White House, he and his staff are speaking with individual banks and bank trade associations in an effort to have them cooperatively correct the account closure problem.
 
NAC has also met with Congressman Dennis Ross of the House Financial Services Committee, who is strongly supportive of NAC's position on the need to have banks provide banking services to independent ATM operators.
 
NAC will continue to press for relief on this front and will be exploring all other opportunities to fight this horrific and unwarranted threat to our industry and those we serve. In addition to the general public, retail ATMs serve particularly vulnerable populations and communities across America - in both urban and rural areas. When our ATMs disappear no others will take their place and U.S. communities and local economies will suffer. This is an outcome we cannot and will not allow to occur - for the sake of the thousands of small businesses that make up America's retail ATM industry, the millions of Americans who rely daily on our ATMs, and the wellbeing of our Nation's consumer spending based economy.
 
What You Can Do To Help
To assist NAC in continuing the fight against arbitrary bank account closures and new account denials, please continue to keep us posted on what you are experiencing in the field. If your company has received any correspondence or other communications regarding a bank account closure or new account denial, please notify NAC ASAP following the steps below.

 Submitting Your Bank Account Closure/Denial Information
  1. Scan and email any correspondence regarding a bank account closure/new account denial received by your company in the past 60 days. Inform us in the email if you prefer that your identification be kept confidential in any distribution of the correspondence - which request will, of course, be fully honored. (If not already marked, we will black out any/all account numbers and similar proprietary information.)
  2. Complete an Incident Report(s), describing what's happened. <CLICK HERE> to get the form. Fill out and scan/email to the above address - or fax to: 904-425-6010.
  3. Make sure to include contact information, with your business address, preferred phone number and email address.
  4. Send all information directly to NAC Executive Director Bruce Renard at bruce@natmc.org
 
If, for whatever reason, you are unable to complete the Incident Report form, please send an email &/or attach a letter on your letterhead (even better) describing in detail your bank account closure/denial experience(s), including copies of any correspondence and your contact information for follow up.
 
THANK YOU IN ADVANCE FOR HELPING THE INDUSTRY!

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