All local businesses that seek to operate non-bank automated teller machines (ATMs) must first obtain licensure by the Office of the Lieutenant Governor, Division of Banking and Insurance.
The division has regulatory authority over non-bank ATMs. No person other than a bank or foreign bank may establish or operate a non-bank ATM except in accordance with certain provisions. An annual fee of $150 shall be paid to the Government of the Virgin Islands (GVI) for each non-bank ATM. A non-bank ATM operator who fails to comply with this section may not operate a non-bank ATM until this section is fully complied with and will be fined, according to a press release issued Wednesday by the Virgin Islands Banking Board.
The per transaction fee charged at a non-bank ATM is set by the V.I. Banking Board. The operator who collects the per transaction fee is required to remit ten percent of the amount collected to the GVI, which will be credited to the Tourism Advertising Revolving Fund.
“We want businesses to make it convenient for Virgin Islands residents and tourists to purchase goods and services in the territory,” said Acting Governor Osbert E. Potter.
Having non-bank ATMs on the premises helps a business to accomplish this goal. However, the Division of Banking and Insurance is finding that many businesses throughout the territory are operating non-bank ATMs without the required license. Each non-bank ATM must be licensed, tagged and inspected by the division before being put in service. Failure to comply may result in a fine and a requirement to shut down the ATM.
Business development, particularly small business development, is a major focus of the Office of the Lieutenant Governor. Many businesses in the V.I. now have a non–bank automated teller machine (ATM) on the premises, which allows a consumer to perform a financial transaction or debit a bank or other financial institution account in exchange for dispensing cash.
For more information on the Office of the Lieutenant Governor, Division of Banking and Insurance regulatory responsibilities for banking and other financial services, visit www.ltg.gov.vi., or contact the Division of Banking and Insurance on St. Thomas at 774-7166/ on St. Croix at 773-6459.
