New Jersey Approves Out-of-State Deposits for MAC System
A recent ruling by the New Jersey Department of Banking will allow institutions belonging to the MAC teller machine network to accept out-of-state deposits.
The new rule allows participating MAC members in New Jersey to accept and transmit ATM deposits from cardholders whose accounts reside in Pennsylvania and Delaware financial institutions.
A reciprocal arrangement will allow New Jersey MAC cardholders to make deposits in their accounts through participating MAC machines in Delaware and Pennsylvania.
"This new regulation will provide a considerably enhanced level of customer convenience to MAC cardholders, many of whom live in one state and work in another, and who frequently travel in the tristate area," said Bonnie E. Hill, senior vice president and MAC manager at CoreStates Financial Corp., the owner of the network.
The ruling is effective immediately.
New Jersey has forbidden interstate deposit transactions since the first MAC machines were installed in the Garden State in 1981.
Pennsylvannia and Delaware MAC cardholders, on the other hand, have been able to make deposits at ATMs in each other's state.
MAC has 957 member financial institutions in Delaware, Florida, Maryland, New Hampshire, New Jersey, New York, Pennsylvania, and West Virginia.
