ATM ISO Global Axcess Inks Cash Pact With Elan

PONTE VEDRA BEACH, Fla. – Struggling ATM operator Global Axcess Corp. said yesterday it signed a cash management agreement with Eland Financial Services, a unit of U.S. Bancorp. Under the deal Elan will provide vault cash and ATM monitoring for the 4,600 ATMs operated by the Nationwide Money Service unit of Global Axcess. The company reported earlier that it had a disagreement with its previous cash servicer, Wells Fargo, over the amount of reserves to be posted as collateral. Global Axcess reported a third-quarter loss of $3.6 million, after taking $3 million in asset impairment charges.