ATM Business Friendly Banks

Things to Think About

Aside from a list, here are some recommendations that you should know.

• Have the proper documentation. Along with all the standard business documentation, some banks will ask for copies of your processing agreement with your ISO. Some will ask for copies of your agreements with your merchants (if you are a customer, we can provide samples). Some will ask for your Bank Sponsorship Agreement (we can provide – our sponsor bank is Pathward, formerly Metabank). Some will ask for transaction statements – history for last 12 months for all your ATMs. Rule of thumb- whatever they ask – give them in a timely and organized fashion. Additionally your ISO should have all the proper documentation you need. Keep detailed records of this information and be ready to provide them in a moments notice.
• The phrase ATM Business is a scary word to banks for some reason. We have always suggested companies do not have the word “ATM” in their official business name. We have also been told this by several NY banks which we maintain relationships with- as well as our own customers have reported this to us. There is no documented proof of it, but trust me – it helps!
• Be courteous, friendly and as easy to work with as possible! Sounds silly right? Lots of people have the attitude Banks should earn your business, right? We’ll Not in the ATM business!!! Finding a bank sometimes can be frustrating, and it is sometimes difficult to take your frustrations out on that specific bank when emotions run high. Always have the mindset that the Bank is doing you a favor and you are going to be a headache/ liability for them. Remember – they don’t HAVE to do business with you. So be as polite as possible. Show them respect, and jump through as many hoops as they ask of you. Be Kind, Courteous and Thankful at all times!
• Show Gratitude. As mentioned above- always be thankful and grateful of their services. Show them your gratitude. Buy them coffee once a month, bagels, breakfast, etc. Keep them happy and on your side. Be their best customer, so they can fight to keep you. Expand your relationship with them. Bank with them personally. Get your next credit card/ car/ boat/ home loan through them. Apply for a business loan/ line of credit. Increase your “stickiness” to them! Make it painful for them to get rid of you!
• Have a backup plan! For large IADs we always recommend maintaining two banking relationships. Maybe one for vault cash, another for surcharge. Regardless of what it costs you to keep an extra account open – always have a Plan B. Remember, if you have no bank account- you have no way to get your funds. You will be out of business until you do so. A few bucks a month to keep a business checking account open may be well worth it if you ever need to use Plan B. Sometimes you may even want to have  Plan C!
• Be Honest With them. Meaning tell them you are an ATM business. Ask them if they are OK with that. Tell them how much cash you will need and the frequency of when you will need it. Tell them what denominations you will need. Tell them how much will be in your account on a regular basis. Put all your cards on the table and allow them to make a decision to be your bank. When you are both on the same page- expectations can be managed appropriately.
• Look towards Local Regional Banks/ Credit Unions/ Community Banks. Smaller banks quite simply- are more eager to win your businesses than the big guys who honestly don’t care. That being said, sometimes smaller banks can not manage huge volumes. Start a conversation with whomever is most convenient to you. Just make sure they understand your needs (above) and can manage your volume. Historically speaking, IADs have a better track record with smaller FI’s than Tier 1 FI’s who are more notorious for either not taking IAD accounts and or closing accounts. That being said, we still have a the majority of IAD’s with Tier 1 FI’s- listed separately below. So we can not rule them out completely or discard them.
• Considered Armored Pickup/ Deliveries. Sometimes a major roadblock with banks is they simply don’t have the funds you require on hand. Always have a Plan C. Find a local armored carrier to see if they have delivery services/ pick up services. You will need to bank with whomever the carriers is tied into- but this may eliminate your issue completely. Typical charges are $.65 – $1.00 per strap. Normally they only deliver to businesses, so if you do not have a commercial office, you may have to pick up from them, or have a business for them to deliver. This may sound super expensive- but most of our larger affiliates have moved towards this method in the past few years. It is safer, usually easier and problem free. Typically the quality of bills are often much, much much better than Banks can provide as well which is an added plus. Sometimes Banks can set this up for you. Ask your bank relationship manager if this is an option.

Hopefully the above tips help. As always, reach out to us and we are happy to help you out any way we can. Even if you need us to write a letter/ send information to your bank/ work with your banker.

List of ATM Business Friendly Banks

Here is a list of “ATM business friendly banks” in every state. This list is meant to be used as a starting point- and in no way is a sure thing.

Our company has always been of the mindset “together we can overcome”. With that mindset- if you wish to help other IADs in your state OR if you are an ATM business friendly financial institution- to get added to the list please comment below with your bank name and or the number of ATMs you have or email us privately at info@bpsands.com.

Disclaimer

Please note that BestATMstore.com does not endorse any of these Financial Institutions nor do we receive any monetary compensation for publishing this list. We make no guarantees that any of these Financial Institutions will accept your ATM business – that is solely up to the discretion of the Financial Institution. Additionally, just because we only list one or two Financial Institutions in your state – does not mean they are the only Financial Institutions in that state that accept ATM businesses. It just means that we are aware of at least one IAD who uses that particular FI or an IAD in that state is using a Tier 1 Financial Institution listed below separately. Please also note that listing ATM friendly banks is no easy task. Bank relationships are very subjective. For example we have IAD’s who bank with Tier 1’s and have been with them forever. We have had IAD’s accounts get closed out of the blue. We have IAD’s switch from one Tier 1 to another Tier 1 on a daily basis – just because they are getting a better deal elsewhere. So it is very hard to just make a blanket statement and say XYZ bank does not work with IAD’s- when in fact they do. Ultimately the decision to work with an individual IAD’s is up to that bank- and following our tips to open your account and maintain the relationship may really be better advice than just going by this list.

*If you are located within the state of California. Finding a bank is very difficult. Some ATM companies tell you to avoid that state at all cost. We have a few names to our list based on existing customers, but it has been reported that new account openings are limited.

Tier 1 Financial Institutions

Disclaimer

Please note that these Tier 1 Financial Institutions are known to close accounts/ not accept IAD’s – HOWEVER we still have the vast majority of IAD’s utilizing them/ opening new accounts with them. We have a greater numbers of terminals with these Tier 1’s than the above list therefore we do not think removing them is correct. We would not rule these out, but be cautious.

If you are an IAD and would like to help others like you in your state or an “ATM Business Friendly Bank”- please share your bank name and or number of terminals in the comments section or privately email us at info@bpsands.com!