The Division of Banking and Insurance identified 38 nonbank Automated Teller Machines (ATMs) during a recent territorial sweep of the machines in operation.  Thirty-five of the machines that were identified are currently registered to operate in the territory and are in compliance.   The machines were tagged with a white sticker bearing a registration number issued by the Division of Banking and Insurance.

According to Banking and Insurance Director John McDonald, the Division identified 28 machines on St. Thomas, 8 on St. Croix and 2 on St. John.  McDonald says the initiative is one component of the Division’s efforts to safeguard the public’s interests through regulation of the banking and financial industry and enforcement of applicable laws.  “The sweep enabled us to identify those operators and machines that were not in compliance and take measures to further protect the community’s financial transactions,” he states.  The Division identified two machines on St. Thomas and one machine on St. Croix that were not registered with the office.  These machines have been turned off.

The Division of Banking and Insurance will continue to monitor nonbank ATMs for regulatory compliance, which in addition to registration requires the nonbank ATM operator to clearly post their name, contact information and fee per transaction. For more information or to report an unlicensed nonbank ATM, contact the Division of Banking and Insurance at (340)773-6459 on St. Croix or 774-7166 in the St. Thomas/St. John District.