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NAC visits DC lawmakers in effort to keep cash alive

The National ATM Council has wrapped up its third annual Washington D.C. fly in. The two-day lobbying event included nearly 60 meetings, in which NAC members urged lawmakers and their staff to continue their support of cash payment options in the country.

NAC visits DC lawmakers in effort to keep cash aliveiStock photo


The National ATM Council has wrapped up its third annual Washington D.C. fly in, dubbed "ATMs Go to Washington III," which took place July 23-24 in the nation's Capital. 

The two-day lobbying event, which attracted more than 50 ATM entrepreneurs and suppliers, included nearly 60 meetings with lawmakers and their staff, according to a press release.

"This year's fly in attracted the most ever participants and also encompassed the largest coordinated set of Congressional meetings ever conducted by the US Independent/Retail ATM industry," Bruce Renard, NAC's executive director, said in the release.   

In particular, the non-profit met with members of the U.S. Senate Banking and House Financial Services Committees, urging them to continue their support of cash payment options in the country.

A number of cities and states, including New Jersey and Philadelphia, have already passed or are weighing legislation to ensure continued cash acceptance at retail venues. However, the NAC is pushing for a "clear and cohesive national policy" on both sides of Congress.

The NAC said it also made progress toward what it called "the continuing epidemic of unfounded bank account closures" impacting ATM businesses. The group maintains that ATM entrepreneurs are having their bank accounts closed "for no reason" and are encountering "great difficulty" obtaining new accounts at financial institutions across the country. Renard has noted in the past that banks misperceive ATM companies as "high risk" accounts as opposed to bank-sponsored and heavily vetted businesses, whose vault cash is inherently trackable.

"NAC's efforts are unrelenting in seeking to restore reasonable access to the US banking system for America's ATM entrepreneurs," George Sarantopoulos, NAC chair and CEO at Access One ATM, an ATM services provider, said in the release. "Although ATM company bank account closures/denials have not received the same level of public attention as preserving a cash payment option for consumers, bank account blacklisting of ATM companies remains a threat to continued widespread convenient access to cash in America and must be stopped."


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