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Comment by Gargoyle | Hacker News Reader

I have a relative who runs a set of independent ATMs, which obviously requires a lot of physical cash. He's been doing it for over 20 years now, but it's gotten harder and harder to find banks that will provide him with the cash. It's his money in his accounts, but many of them outright refuse to provide it in cash.

It's not so much that they mind the competition in the ATM business, it's that the regulations on handling large amounts of cash have gotten more and more involved, to the point it's just not worth it to them to do it.

He's had to change banks a number of times over the years, but now he's with a smaller local bank that he has a personal relationship with the management. Still a hassle, but at least he can run his cash-intense business.

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I'm actually surprised if it's legal for a bank to refuse to provide cash withdrawals. Unless it's a case of "we'll do this now, because we have to, but we're also closing your account since we're allowed to choose out customers and your business isn't worth the hassle for us."

>I'm actually surprised if it's legal for a bank to refuse to provide cash withdrawals

There are online-only banks now like Simple and Ally; they obviously can't provide cash. If they can deny cash why can't other banks?

if they dont have a bank of cash available, are they really a bank? (yes, i believe it's a bank too, but to me it's a head scratcher)

BECU (Boeing Employees Credit Union, WA State) only has tellers handle cash out of their main office, in Tukwila. Every single other "branch" is a Service Center with ATMs. They will help you get a loan or print a cashier's check, but send you to the ATM for any withdrawals.

That's a very good question. I was thinking of legal tender laws, which I understand to usually stipulate that any debt incurred must be payable in cash money issued by the relevant state.

Of course, there are a number of ambiguities there, so maybe it is possible to run a bank without providing cash withdrawals and still be on the right side of the law in the US.

Can you make money out of running a set of independent ATM's? Do people use ATM's?

Vending machines are still a thing, too. Similar model. All those $5.99 transaction fees add up. Even at 2.99, the machine pays itself off in a year with ~5 transactions a day.

His net is similar to a San Francisco programmer, but he only really works one day a week.

But as I said, he's been doing it for more than 20 years and his locations are prime.

Amortize the time he took figuring it out / getting his systems in place across that weekly schedule, though. I bet even after 20 years that's still closer to two days a week. ;)

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