Banking for your ATM Business
Currently ATM business owners are having a very difficult time establishing banking relationships. We can offer some tips and tricks to help although this is a very difficult and fluid situation that is constantly in flux. There is not one single source that has a 100% clear understanding of it yet. We’re compiling the information you see here all of the time and we welcome any and all feedback. We’re providing this particular web page so that you can read it at your leisure, see the logic behind the information being displayed and make proper business decisions for your unique situation. Of course, we can make no warranty to the information here. We always try to help. That’s our fine print.
As you will see to the right of this paragraph, we only promote that you operate your ATM business in a legitimate, fair and logical fashion always being vigilant about local and state rules and regulations that could affect your own personal situation. Each State Government has numerous resources where you can see for yourself how your business might need a slightly different approach or tactic to achieve the results you need: A banking relationship that is stable and one that you can count on.
Good luck out there! Let us know your thoughts.
Third Party Vaulting Services for your ATM Business
If you are looking for a 3rd party to temporarily vault cash your machines we can also connect you to our network of Vault cash providers who will fill your machines for a fee (either temporarily or permanently).
Please read through the Vault Cash Guidelines presented by the National ATM Council for some important tips and suggestions on how to set up a bank relationship. This is a very good resource to bring to your local bank or Credit Union
June 22, 2022 updated and positive support statement from the Financial Crimes Enforcement Network (FinCEN) ;
Non-supportive Banks
This is the current list of Banks who are shutting down, have shut down or continue to shut down ATM business owner accounts or who have stated that they will not take on ATM business accounts.
- Bank of America
- Wells Fargo
- Chase Bank
- many, many California banks (CA is very restrictive)
- we will continue to add and update this list
There are some banks in certain regions which continue to support the ATM business and if you are in need of a bank or have had your bank shut your account, please read through these guidelines. Initially the best resource are Credit Unions and or Smaller Community Banks. Approach these banks with the following information and they may be willing to work with you. Please read through the National ATM Councils Vault cash guidelines here.
Supportive banks, we have ATM owners who have had success adding their ATM business to these banks:
State | Bank |
Alabama | First Southern Bank |
M & T Bank | |
Regions Bank | |
Iberia Bank | |
Alaska | M & T Bank |
Community First Bank | |
Arizona | First Fidelity Bank |
BMO Harris Bank | |
M & T Bank | |
PNC Bank | |
Arkansas | First Security Bank |
Simmons Bank | |
First National Bank of Fort Smith | |
Arvest Bank | |
Bancfirst | |
California | Comerica Bank |
Bank of the Sierra | |
Hammi Bank | |
Colorado | M & T Bank |
First National Bank of Omaha | |
Grand Valley Bank | |
Security Service Federal Credit Union | |
Key Bank | |
Connecticut | M & T Bank |
Webster Bank NA | |
Citizens Bank NA | |
Polish & Slavic FCU Bank | |
TD Bank NA | |
Delaware | TD Bank NA |
Old National Bank | |
District Of Columbia | TD Bank NA |
District Of Columbia | M & T Bank |
First National Bank of Pennsylvania | |
Florida | M & T Bank |
Central National Bank | |
Truist Bank | |
TD Bank NA | |
PNC Bank | |
Georgia | Synovus Bank |
Truist Financial | |
Emory Alliance Credit Union | |
CGR Credit Union | |
Heritage Bank | |
Hawaii | First Hawaiian Bank |
WSFS Bank | |
Bank of Hawaii | |
American Savings Bank | |
Idaho | M & T Bank |
Bank of Idaho | |
Illinois | US Bank NA |
Barrington Bank And Trust | |
Bank Of Farmington | |
Millennium Bank | |
Old National Bank | |
Busey Bank | |
Indiana | Fifth Third Bank |
Lake City Bank | |
First Financial Bank NA | |
First Financial Bank | |
Horizon Bank | |
Old National Bank | |
Iowa | United Bank Of Iowa |
Connection Bank | |
Fifth Third Bank | |
First Bankers Trust Co | |
US Bank NA | |
Kansas | M & T Bank |
Country Club Bank | |
Capitol Federal Savings Bank | |
Western State Bank | |
Bank of the West | |
Kentucky | River City Bank Inc |
Limestone Bank | |
Branch Banking & Trust Company | |
The Cecilian Bank | |
PNC Bank | |
Louisiana | Iberia Bank |
Old National Bank | |
M & T Bank | |
First Guaranty Bank | |
US Bank NA | |
Maine | TD Bank NA |
Gorham Savings Bank | |
Saco Valley Credit Union | |
Acadia Federal Credit Union | |
Bangor Savings Bank | |
County Federal Credit Union | |
Maryland | First National Bank of Pennsylvania |
M & T Bank | |
M & T Bank | |
TD Bank NA | |
Massachusetts | Citizens Bank NA |
TD Bank NA | |
Rockland Trust | |
Citizens Bank NA | |
Eastern Bank | |
Michigan | Southern Michigan Bank & Trust |
Huntington National Bank | |
Comerica Bank | |
PNC Bank | |
Comerica Bank | |
Fifth Third Bank | |
Minnesota | M & T Bank |
Old National Bank | |
First Citizens National Bank | |
Mississippi | Commercial Bank |
Bancorp South Bank | |
Old National Bank | |
Renasant Bank | |
Citizens National Bank | |
Missouri | M & T Bank |
Cass Commercial Bank | |
St Johns Bank And Trust | |
Bank Of Farmington | |
First Premier Bank | |
Montana | Glacier Bank |
Trailwest Bank | |
Clearwater Credit Union | |
Stockman Bank of Montana | |
Nebraska | US Bank NA |
M & T Bank | |
Nevada | M & T Bank |
Nevada Bank and Trust | |
Nevada State Bank | |
New Hampshire | Citizens Bank NA |
TD Bank NA | |
Citizens Bank NA | |
New Jersey | TD Bank NA |
Valley National Bank | |
PNC Bank | |
New Mexico | Lubbock National Bank |
International Bank | |
New York | TD Bank NA |
M & T Bank | |
Citibank NA | |
Signature Bank | |
Citizens Bank NA | |
North Carolina | Branch Banking & Trust Company |
First Bank | |
M & T Bank | |
Fidelity Bank | |
First Citizens Bank | |
North Dakota | M & T Bank |
Starion Bank | |
State Bank & Trust of Kenmare | |
Ohio | LCNB National Bank |
Fifth Third Bank | |
PNC Bank | |
LCNB National Bank | |
First Merchants Bank | |
Oklahoma | Bancfirst |
M & T Bank | |
Arvest Bank | |
All America Bank | |
First Fidelity Bank | |
Vision Bank NA | |
Oregon | Umpqua Bank |
Columbia State Bank | |
US Bank NA | |
Salal Credit Union | |
WaFD Bank | |
Pennsylvania | PNC Bank |
TD Bank NA | |
Citizens Bank NA | |
First National Bank of Pennsylvania | |
Keybank National Association | |
Rhode Island | Citizens Bank NA |
Bank Rhode Island | |
Citizens Bank NA | |
South Carolina | M & T Bank |
TD Bank NA | |
South State Bank | |
South Dakota | M & T Bank |
Farmers State Bank | |
Tennessee | M & T Bank |
Tennessee State Bank | |
TD Bank NA | |
First Bank | |
Texas | The Mint National Bank |
Frost Bank | |
M & T Bank | |
Affiliated Bank | |
United Bank of El Paso | |
Valuebank Texas | |
Texas Regional Bank | |
Utah | M & T Bank |
Umpqua Bank | |
Vermont | Northfield Savings Bank |
TD Bank NA | |
Virginia | Old National Bank |
TD Bank NA | |
M & T Bank | |
Atlantic Union Bank | |
Washington | Salal Credit Union |
Key Bank | |
Columbia State Bank | |
Timberland Bank | |
Banner Bank | |
West Virginia | Huntington National Bank |
United Bank Inc | |
Wisconsin | The Pineries Bank |
State Bank Of Chilton | |
US Bank NA | |
Fortifi Bank | |
Community First Credit Union | |
Wyoming | Pinnacle Bank Wyoming |
Mountain America Credit Union | |
Independent Bank |
Tips & Tricks
With that said, we have assembled some tips and tricks to help you navigate this banking issue. Although we cannot guarantee that you will not have banking problems, we’ve heard from many of you and here is our compilation:
- Start with smaller banks with fewer locations
- Always talk to a Manager, Director or VP of Commercial Banking. You are trying to get a “sponsor” within your bank and you do not want someone with no authority
- Set up a relationship of true transparency of your ATM business. Anything else is allowing red flags to pop up and possible shut your banking down
- Set up your company correctly. DBA’s and Sole Proprietorship types are not looked at as a legitimate business entity. You might get away with this setup for a while but as your business matures you want to be looked at as a serious business. You will need to setup a business with your local experts. You’ll likely need a true-blue business entity for other reasons as well. Contact a business attorney or Accountant to set one of these up for you. Setting this up properly will keep you from looking like a Sole Proprietor. It has been our experience, these banks do not like Sole Proprietorship entities when related to an ATM business.
- Transparency with your banking relationship means that you provide new documents/contracts about your business without the bank calling you and hounding you to deliver them. A new location contract, a vaulter contract, your processing contract should all be handed over without provocation. Be upfront and help to alleviate red flags on the first pass.
- Set up accounts to silo the aspects of your business that require a silo. The biggest example is “capital”.
- Set up a “capital account” to show where you are getting the capital to build this business. If you sell a truck to start this business, you should show where that money is coming from.
- Set up an “operating” account so that you can silo the “operational” expenses, payments and revenues of the business. Here you will buy machines, paper, marketing exercises, etc.
- Set up a “vaulting” account so that you can segment the most ‘curious’ portion of your business. Why is this guy taking out $40k in twenty dollar bills every single week? And why are these little deposits coming back into the account following this large withdrawal.
- Send a small spreadsheet to your banker every week giving them a heads up of your enormous withdrawal coming up in a few days. This spreadsheet could have a list of your locations and the amount you plan to deposit into the ATM itself.
- Keep accurate records of expenditures. Quick Books can do wonders. We are not endorsed by Quick Books. Be ready to provide at a moments notice to your banker.
Anti-Money Laundering Rules and Regulations are real and they can be scary. Once the above tip and tricks are integrated into your business, you will see that your weekly tasks around banking are efficient and really do not take up too much extra time. Most people report a time savings.
As with anything listed here, we are always ready to help you via email or phone. Give us a call!
Independent ATM businesses ARE NOT money Service Businesses (MSBs)
The independent ATM business has been designated a non- MSB (Money Service Business) as of 2007 per this link and also inserted below. This standing and designation has not changed since 2007. There are numerous theories, ideas and reasons why the banks are shutting out ATM business owners although no one really knows with 100% certainty why this is continuing. Here is some additional information regarding independent ATMs and their respective designation as non MSB businesses.
ATM Brokerage
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