Bank / Credit Union
NAC seeking fair access to banking for ATM deployers
January 13, 2021
The National ATM Council Inc. filed industry comments this past week in response to the Notice of Proposed Rulemaking, Docket ID OCC-2020-0042; Fair Access to Financial Services, issued in late December by the U.S. Treasury Department - Office of the Comptroller of the Currency.
The OCC proceeding is in response to the ongoing widespread denial of essential banking services for a variety of industries, including the independent/retail ATM business sector, according to a press release.
In its comments, NAC emphasized the essential nature of depository accounts for ATM companies and reminded the federal bank regulators of the important role ATMs play in providing cash access for the underbanked and unbanked segment of the population and how important it is to distributing federal/state/local COVID stimulus/unemployment relief.
The organization also noted how the mostly small business entrepreneurial U.S. independent/retail ATM industry sector comprises almost 60% of all the ATMs in America.
"All ATM companies require bank accounts to operate their businesses and house their ATM vault cash," George Sarantopoulos, NAC Board Chair and CEO of Brooklyn, NY-based Access One Solutions said in the release. "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...period end of story."
The OCC will review NAC's and the other parties' comments, as the agency deliberates its final rule adoption.
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National ATM Council, Inc.
The National ATM Council, Inc. 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 provide safe, secure and convenient delivery of cash to consumers throughout the United States.
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