SIOUX FALLS, SD, January 15, 2019. (the ATM Industry Association) announced today that it has launched a new survey to evaluate the impact of sudden cash settlement account closures, experienced by many IADs (Independent ATM Deployers). Many of those accounts were in good standing when closed – and have been for decades. In almost every instance, the reason for the account closure is not revealed.
Although a misguided 2013 Department of Justice initiative called “Operation Choke Point” targeting “risky” businesses was formally terminated in 2017, its impact still seems to linger on. Others speculate that crushing regulatory burdens have caused larger banks to overreact. Whatever the reason, independent operators are having existing banking relationships terminated on very short notice, and are hard-pressed to replace them in the 30 or 50 days allowed.
ATMIA is working to create new strategies that can help its members deal with these situations, if and when they arise. The 2019 IAD Cash Settlement Account Survey seeks to determine how widespread this problem is, what circumstances surround a typical account closure, and how operators are dealing with it.
The survey is open to all independent ATM operators/owners/acquirers – both ATMIA members and non-members. But only to independent ATM operators. There are just 13 brief questions, which should not take more than a few minutes to complete. To begin the survey, .
It is expected that data analysis will be complete, and the survey report available to ATMIA members as soon as mid-February. Non-member participants will receive a code with which to claim a copy of the full report. Questions or requests for more information about the survey project should be directed to , Executive Director, ATMIA USA & Americas (+1.407.833.7906)