Operation Choke Point impact being investigated by Rep. Blaine Luetkemeyer
10/10/14: As ATM operators and source of funds providers, you have various experiences with financial institutions closing accounts maintained for settlement and cash withdrawals for funding of deployed terminals as a result of the Justice Department¹s ³Operation Choke Point.² In today¹s ABA Daily Newsbytes, the following article was published.
Rep. Luetkemeyer Invites ŒChoke Point¹ Stories
Rep. Blaine Luetkemeyer (R-Mo.) yesterday asked business owners to share with his office how they have been affected by the Justice Department¹s ³Operation Choke Point² initiative, which uses enforcement actions and threats to pressure banks to cut off financial services to businesses it deems risky or objectionable.
Luetkemeyer invited business owners to email their experiences to email@example.com. He said the information in stories would not be shared with regulators or other parties without written consent from those who supply stories.
TransNational encourages you to share this article and link with their operators and source of funds providers and request each to report their negative experience from account closure. Whenever possible, TransNational would suggest attaching a copy of the letter provided to the consumer by the financial institution stating the account was being closed and to provide background information on the volume of funds deposited into the account monthly from the interchange and surcharge revenue and the volume of funds withdrawn from the account monthly to vault cash back into the deployed terminals. If any account numbers or other sensitive information is contained in the documents you forward as backup, be sure to redact the numbers (black them out) prior to scanning and forwarding.
TransNational is aware both the ATMIA organization and the NAC organization have requested similar reporting from you as operators and source of funds providers relative to Operation Choke Point. The contact at ATMIA is David Tente; the contact at NAC is Bruce Renard. You should consider sharing the information you provide to Rep. Luetkemeyer with these associations as well.
TransNational ATM Team