mksolutions Posted July 26, 2014 Share Posted July 26, 2014 Hello. I need some guidance from you guys! I'm slowly getting ready for my first ATM and I'm running into some problems with the bank. TD BANK rep said that they will NOT open an account (or close one very quick) if I decide to run my business through them. Apparently multiple deposits into my bank account, as are the case with an ATM business will throw a red flag in their system. Basically they don't want my business. It's their loss... My question- do you know any bank that will not mind if run an ATM route through them? Obviously TD BANK is out of the question. I red something about wells Fargo being ATM business friendly but I'd like to hear about your experiences with the banks that you use. Thanks in advance! On a side note, the bank rep mentioned something about money laundering being the issue. They're afraid of it so they don't wanna do business with me. I guess that could apply to all of you vending machine operators too if you make a LOT of deposits/ withdrawals in a month... Link to comment Share on other sites More sharing options...
BluePlate Posted July 27, 2014 Share Posted July 27, 2014 This is becoming a huge issue, the Government is holding banks responsible for there customers. Banks are taking KYC (Know Your Customers) policies very seriously. The National ATM Council has taken on a project to show banks ATM guys are not bad people. Recently JPMorgan was fined by the Government for what Bernie Madoff did. They said JPMorgan turned a blind eye. Also, because ATM companies often zero balance accounts to put cash in our ATMs - our accounts are deemed profitable for the bank. Banks make money when they can issue loans, buy securities or bonds with our deposits. Where are you located? I assume in the Northeast/East Coast since you mentioned TD Bank. Drop me an email and I can give you some guidance on which banks I know are friendly to the ATM business. Also, I can give you some tips as to how to approach the banks. From my experience, TD Bank & Peoples United are some of the most brutal banks when it comes to ATM. I spent 10 years in the banking business prior to having a full time ATM business. todd@newenglandatm.net Link to comment Share on other sites More sharing options...
mksolutions Posted July 29, 2014 Author Share Posted July 29, 2014 Thanks you for your reply. I'm located in North NJ. I'll send you an email. I must say I was a little surprised when TD BANK shut me down as soon as I said 'ATM'. They were supposed to give me a call... I never heard from them again... They were acting quite hostile as if I was taking business away from them... Link to comment Share on other sites More sharing options...
Sparta_Automation Posted September 18, 2014 Share Posted September 18, 2014 I don't know if this is too late, but I have an account with Bank of America. They know it's an ATM account and they have absolutely no issues with it at all. In fact, when I come into the bank, they ask me how much I need and I can say...just 8 today, and they know it's 8,000 in 20's. Now I am a smaller business and I tend to only take out 10,000 - 12,000 at once, but they just fill out the needed paperwork and I'm out of the door in about 10 minutes. Travis Link to comment Share on other sites More sharing options...
RobertInPhilly Posted September 29, 2014 Share Posted September 29, 2014 Just go to Wells Fargo. That's who I use and recommend. They can supply how ever much I need without any issue. Link to comment Share on other sites More sharing options...
cashman Posted September 30, 2014 Share Posted September 30, 2014 TD is the worst bank you could ever try to deal with, honestly don't know how they stay in business. Complete bunch of ....tards. Link to comment Share on other sites More sharing options...
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