BANK ACCOUNT BLACKLISTING OF INDEPENDENT ATM OPERATORS RECEIVES FRONT-PAGE NEWS COVERAGE IN THE WALL STREET JOURNAL
NAC is excited to inform independent ATM Operators/ISOs/Suppliers across the country that the terrible and groundless denial of banking services endured in recent years by our industry has finally become the subject of an article in a major national news publication, The Wall Street Journal.
The Journal’s story, entitled “Gas Station ATMs Are a Banking Battleground,” appeared Saturday on the front page of the WSJ online and is available HERE for your review.
NAC extends our sincerest appreciation to those resolute Independent ATM Operators, both named and unnamed in the article, who came forward to share their experiences and information in this public forum. NAC also expresses its sincere thanks to the WSJ and veteran WSJ financial reporter AnnaMaria Andriotis for her professionalism and for the substantial time and resources devoted to the story.
This groundbreaking news coverage comes on the heels of NAC’s successful years-long advocacy that helped spur the FFIEC’s recent updates and corrections to its BSA/AML Examination Manual, released on December 1st. Those revisions removed the prior mischaracterizations of our industry, such as that doing business with Independent ATM Operators would put banks at “high risk” of being involved in money laundering and fraud.
Instead, those sorts of unfounded accusations now have been replaced by explicit recognition that ATM Operators serve a vital role in providing widespread access to cash throughout America. The relevant section of the updated Manual, in fact, now begins by acknowledging that ATMs “offer fast and convenient access to cash and are an important channel in providing financial services, including in underserved markets.”
THANK YOU in advance for taking time to read the WSJ article and submit your comment! Now that we have succeeded in persuading the FFIEC to correct its BSA/AML Exam Manual, NAC will continue working to make certain this fully translates into restored banking services for Independent ATM Operators throughout America!