Sign Alabama Banking Agreement Free

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[Music] what's going on guys welcome back to the channel I'm so in this video what we're going to be talking about is pretty much the ATM business bank account so I'm gonna try to make this as short as I can it's pretty much just gonna be me going over some things I've been hearing cuz there's a lot of misconception about how you should approach getting your ATM business bank account in 2020 it's pretty much because there's a lot more channels there's a lot more Facebook groups that are popping up and so I kind of want to break it down for you guys and just kind of let you guys know what to expect and that you guys be able to make your own decisions as to whether or not you should jump into this business or if you're going to be you know able to do it based on the kind of person you are in terms of you personally and within your own business right so the issue so far pretty much is that number one the bank see us as Ms beaks and an MSB for those of you who don't know is a money services business so an example of the money services business would be something like a loan shark or pay these payday loans check cashing places places like that are called MSBs now legally legally we are not considered a and MSB and the bank tries to play a game with us and pretend like we are and there must be to pretty much hide the real reason why they don't want to work with us and the real reason why they don't want to work with us is because you know the drug dealers and gang members and thing people like that what they were doing for a while up until just a few years ago where they were getting ATMs and they were putting them in barber shops and grocery stores and things like that and they were pretty much money laundering they were cleaning their money their legal money using an ATM and that pretty much caused you know tons and tons of trouble for the government and for the bank so that's when they implemented operation choke point which pretty much cut all that stuff off so anybody who was trying to utilize an ATM and consider the business was pretty much getting screwed over now the operation choke point has been completed and is but we're still seeing the residual effects of that operation so what's going on now is we're pretty much recovering from that and you know we're still seeing a lot of people being able to get their business bank accounts open but a lot of the banks are trying to make not even have anything to do with the business because pretty much they where they once were giving bank accounts out like candy essentially now they're really scrutinizing who they give it back and come to and that's where you need to make sure that you have your credentials because if you don't have any credentials then you're pretty much not going to walk out of that bank with the bank account because they really are scrutinizing people who are trying to start in ATM business so you're pretty much already giving them a red flag by talking about being within the in the ATM business right so the next thing that you guys need to know and some of the issues that we were seeing is every bank visit is going to be different so what pretty much what that means and what you have to understand is you know me personally I use a bank called Navy Federal and it's a military own pretty much military bank you know as you guys know I used to be in the Air Force and it's for people who are in the military and their family members now I'm using that bank for my ATM business now someone else who were who was also in the military could go to their branch of Navy further rule and Navy Federal could come to them and say hey we don't support the ATM business and now that's not technically true they're basically lying when they say that because they can they're just choosing not to because again we're not in them as be banks cannot serve MSBs without you know tons and tons of paperwork money funding things like that just different programs for MSBs to get funded but they cannot find them just traditionally but because we're not an MSB they can find those if they so choose but a lot of times they're gonna say that they can't but the reality is that they just don't want to and again again my point is that you know while my branch here in Ohio might accept me your branch in California might not accept you and you guys need to be able to understand that and because I get a lot of people who are like well I heard that you should go to discredit Union or that credit union or this Bank in that Bank and they said no to me but allegedly they said yes to someone else you know who's telling the truth so this is a kind of debunk that whole thing of oh these guys must be lying about what banks you can actually use it's not about what banks you go to it's just about who you are what bank teller you talk to you know how good are you at communicating with people how can you know are you good at communicating your business do you understand the business so that you can answer questions that you don't sound sketchy and again ultimately it's just going to depend on the branch right because again like I said maybe federal first short will accept most people for the ATM business especially because this is a military branch of of Bank so they kind of know that most people in the military are not going to be involved in any type of money laundering or anything like that okay but again I just want to kind of make that very very clear for you guys so if I tell you guys to go to US bank for example and you know say one of my students has in the bank account a US bank and one of my one of my students does have an account at u.s. bank okay you could go to US bank in your particular city or your state and they might tell you know you might have to go to another city or another area or another US bank within your state together yes so you could go to go to five different US banks and maybe only one of them will say yes and the rest of them would say no so you kind of have to kind of have that determination in that patience and just kind of learn from every single experience okay and again like I said you need to be able to communicate effectively which means you need to be able to explain to the teller what it is that you're doing how exactly this works and how your money is going to be flowing through these their accounts pretty much because the big things with the bangs also is that they have to do a lot of the audits because you're gonna have a ton of different money coming you know and now it essentially rotating you're gonna have deposits and withdrawals almost every 24 hours if you so choose you know when you're developing that relationship with your processing all right so making sure that you can communicate that effectively is going to also determine whether or not you can actually go and get that bank account right one of the biggest problems though in the ATM business right now in 2020 is that more and more people are just trying to force their way into a bank account because there are a lot of people out there but then all these different groups and things like that there are just saying hey just keep going to all these different banks and just keep asking and eventually they're going to say yes and Wow that's kind of true that's not something that I want you guys to do what I want you guys to do is to make sure that you have your credentials when you go to these different bank accounts don't keep following these instructions or people who don't know what they're talking about what they say hey just keep randomly walking into banking banks and not have any paperwork not even understanding the business and just try to ask for a bank account for an ATM business like it's just not going to work and it doesn't really make any sense to do it that way right because why is it that you guys I like pretty much why is it that people are telling you even though you don't have any prior training on the ATM business to go to a bank who is already not interested in working with people who have an ATM business and then just saying hey going there I'm completely blind and just talk to them and see what see what they say that doesn't make any sense right so the best way to get your bank account is to walk in there completely prepared have all of your documentation be prepared to answer any questions that they that they ask right so being educated is the most important thing getting on your information from just random Facebook groups it's not going to be enough for you to go in and get your bank account of course some people will be able to do it but isn't it's not something that I recommend because the failure rate is going be a lot higher so here's some of the things that I want you guys to know like I said have all of your documentation so your documentation will include your site location agreement your processing agreement with your literature Buster processor obviously you want to have any type of documentation that you might need obviously your LOC information your EIN information any materials that you made for marketing such as your brochures things like that yeah even be able to show your your website if you have your website any business cards that you have any Flyers anything like that you want to make sure that you have that on the next thing obviously it's going to be do not lie never ever lie do not tell them that you are a a vending service like some people will tell you to do that did work back in the past it's not working now so you just you know do not do that right just be completely upfront with them and the reason for that is because you might get away with lying right the problem is not that you're lying go front the problem is how can you make up for that on the backend now eighty percent of the people who watch this video are not going to be savvy enough to lie to a bank and be able to deal with you know the repercussions later on down the line okay so pretty much what I'm saying is make sure that you are telling the truth upfront because if you get into the bank and the lie what's gonna happen is when they audit your accounts later and they see are all this money flowing through they're gonna say hey this guy is doing something totally different than what you said he was doing and they're gonna shut your bank account down now if you have five ATM setup by the time you're screwed at this point right you know you're gonna have to hurry up and find a new bank or you're gonna lose all of your clients and you're gonna lose all of your revenue so it's not worth it so the next thing is you want to understand what the ATM service agreement is and pretty much a supreme is essentially the same thing as your processing agreement you're gonna get that processing agreement when you start working with your processor and just make sure that you can you basically don't have to actually sign that contract or that not that contract but you don't actually have to sign that agreement upfront you can actually ask your processor for a template and then that template is what you would take to the bank and say hey this is who I'm going to be working with here is is a template or a copy of the contract the same thing with the site location agreement you want to have that template or that that blank documentation there says hey this is the contract here's the site location I mean the service agreement this is what I'm going to be doing because the more paperwork and the more proof that you can provide to them that you are legit the you know obviously the higher chances you are to get accepted even if maybe you get accepted and the person that come after you doesn't because the difference would be that you would have your documentation and they probably won't write another thing and probably the last thing and most important thing is just again remember that all branches are not created equal not just because one branch may say yes and another may say no but because each individual branch may send you through different hoops depending on how they feel now I have students who have run the two banks where they say hey we need you to actually go and get the the locations set up get the ATM in there get the processing in there get the contract signed and then we'll give you the bank account because then we can actually see that you're actually using you know doing what you said you're doing you're not money laundering or anything like that so I have come across students who have dealt with that and you know I've helped them formulate a process and a strategy to actually get around that so that they can still get that bank account and there's in most cases this is good because that means that you're guaranteed that bank account because they just want to see some proof that you're actually doing what you're doing another thing is they might ask for documentation stating that you have something in place to eliminate any type of money laundering so whether you're money laundering practices that you are following to make sure that there's not gonna be any money laundering right and I showed my students and stuff how to get that documentation as well so if you're interested in learning more about all of that stuff definitely check the link in the description or in the comments where I will have my program I'll leave a link to that and you guys can join and I hope you guys can set up that way but um yeah just kind of remember that certain branches might send you through hoops you know that's just something that you're gonna have to be prepared for and just kind of actively and proactively prepare for this a little bit of a challenge because again at most businesses the challenge comes towards the end of starting the business but in the ATM business the challenge is that the beginning not everything comes after this it's gonna be simple right so hopefully this was informative for you guys who were confused about getting your bank account open hopefully you learned a lot today so hold and I'm just again happy for you guys that are getting started this year because this year is gonna be a great year for the ATM business despite the virus because a lot of barbershops and lines and places like that are opening up so it's gonna be a feeding frenzy and it is right now I'm know I'm seeing the increase in revenue so I know a lot of you guys who have started or as well but again guys I'll see you in the next video hopefully you enjoyed this [Music]