ALEXANDRIA, Va.-NCUA ruled that federal credit unions may not team with an owner of ATMs to provide third-party cash replenishment services.
Processing Content
The proposed service, said the agency in a new legal opinion letter, is not permissible under its express or incidental powers rules.
Under the proposal, the credit union would stock the ATMs with cash.
The ATMs are located over several Texas counties, some of them very distant from the credit union.
While a credit union may provide ATM services to its members, ruled NCUA, this proposal appears focused on providing services to a third party and not on the credit union's members.
