MS Check Cashiers Association                   MS Title Loan Association                  Modern Financial Services of AL

Bank Discontinuance In The Southeast

A Pressing Problem!

TN Cash Advance Association                  TN Title Pledge Association                  Title Pawn Council of AL


The site was last updated: Tuesday, May 14, 2007.



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May 14, 2007  Update  - - - - -

Reports of closings are again coming in.  The latest report is from Regions which has taken on the policies of AmSouth after their merger.  AmSouth, you may recall, started all of this. Click on the links to the left for the history of this problem.

November 8, 2006 Update  - - - - -

Reports of closings are again surfacing.  We are hearing reports in particular with Regions Bank.  Click on the links to the left for background information on this problem.  It goes back well over a year.  If these problems persist we will re-activate.  This mission may not have been accomplished.

Money Service Business classification and The Patriot Act were the main causes of this problem.  If you have questions about whether you are an MSB and are in compliance, click here.

Thank you for visiting our web site.  We are check cashing, payday loan and title loan associations in Alabama, Mississippi and Tennessee and it is our goal to keep you informed about bank discontinuance in our region.

We hope you find everything you need to know about this unpleasant topic and especially pointers that may keep your business from loosing its banking relationship.  Or (heaven forbid) if your bank has already cancelled your account, hopefully the information you find here will assist you in finding a new bank.  Many companies like ours have already been notified by banks they no longer want our business.  We hope this forum will not only keep you informed, but will serve as way for us to collectively combat this serious industry problem.  There are strength in numbers, so please be counted by contacting your congressional representative today.

We fully understand that the vast majority of operators have not had their accounts cancelled.  But, we know the number of store locations cancelled are approaching 1,000.  Even if you have not yet been affected (yet), you should become very familiar with this issue.  You may get a call at any time!  How you reply may determine if you keep your bank account.  There are operators who have been cancelled multiple times and have not been able to locate a bank period!  Think about that for a moment, could you operate your business without a bank account?

If you have comments or questions, click here and drop us an e-mail or contact your state association.  Also, check here often.  We will update this site frequently as long as this problem persist for our members.


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