[PRESS RELEASE] The National ATM Council, Inc., Announces Issuance of Voluntary Industry Guidelines for ATM Vault Cash/Settlement Accounts
Bruce Renard, Executive Director
George LeMaistre, Jr.
Orlando, FL, October 21, 2016 - The National ATM Council, Inc. ("NAC"), a not-for-profit national trade association representing America's independent ATM sector, today announced the release of its Industry Guidelines for ATM Vault Cash and Settlement Accounts.
The Guidelines are being issued for use, on a voluntary basis, by independent ATM companies in the U.S. that wish to provide an additional level of information to the financial institutions that maintain their ATM vault cash accounts. These Guidelines are designed as a way to provide additional transparency and tracking for the cash that is loaded into and dispensed from retail ATMs.
"NAC is pleased to offer to businesses in the U.S. retail ATM industry, and their settlement banks, a tool to help restore reasonable availability of bank accounts for our nation’s Independent ATM providers,” said NAC Legal Counsel George LeMaistre, Jr., of Jones Walker LLP, Washington, D.C. “U.S. retail ATM providers who are operating legitimate businesses that have been thoroughly vetted by their sponsoring banks, processors, and ISOs should have no problems obtaining and maintaining bank accounts for their ATM vault cash needs – especially those that operate in accordance with the new Guidelines.”
Florida Congressman Dennis Ross, a member of the House Financial Services Committee, attending the NAC 2016 Conference and Expo this week, in Orlando, commended the organization on its release of the Guidelines: “I am quite pleased to see NAC take this strong, effective, and proactive step toward ensuring BSA and AML compliance through its new Guidelines for ATM operators. By working with the requisite Federal regulatory agencies, such as FinCEN, NAC has been a leader of the ATM industry. I believe the banking industry will appreciate NAC’s efforts and will respond accordingly.”
"U.S. retail ATMs account for approximately two out of every three ATMs in the United States today,” said NAC Board Member and Chair of NAC’s “Save Our ATM Bank Accounts” (SABA) Committee Jim Cabe, of Turnkey ATM Solutions, LLC, in Atlanta. ”Retail ATMs serve millions of Americans who rely upon this source of cash for their daily living requirements, discretionary purchases, and EBT card cash dispensations – in both lower-income urban areas and rural communities, where there often are no bank ATMs and where many ‘un-banked’ citizens live.”
“The inability of independent ATM companies to obtain and maintain a business bank account for their vault cash requirements threatens legitimate tax-paying small businesses and the American population at large, who rely upon the convenient access to cash that we provide every day,” said NAC Governmental Affairs Committee Chair Curt Selman, of Selman ATMs in Dallas.
To download the new ATM Vault Cash and Settlement Account Guidelines, please fill out the form below.
ABOUT The National ATM Council – The National ATM Council, Inc. (NAC) is a not-for-profit national trade association dedicated to ethically and effectively representing the business interests of ATM Owners, Operators and Suppliers in their efforts to deliver safe, secure and convenient cash to consumers throughout the United States. For more information about NAC, please visit our website at www.natmc.org.
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