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(NBC News) Need some cash? A quick trip to the ATM will usually do it for you. But that may not be the case come New Year's Day.
A new form of consumer protection goes into effect on January 1st and ATM's that don't have the new technology may go dark.
On the street corner, in restaurants, and grocery stores... These days it's easier than ever to get your hands on some cash, when you want it, where you want it.
But with ATM's sprouting like weeds, and stories of consumer fraud making headlines, the industry says it wants to make sure your money is protected.
Tough new standards for ATM's are set to take effect on January first.
The first requires criminal background checks on anyone involved in the ATM process. The second: new data encryption standards, designed to keep your personal banking information out of the wrong hands.
Eddie Tefka, Independent ATM Owner: "We in the industry welcome it."
Eddie Tefka owns, operates, or helps maintain hundreds of independent ATM's in the Chicago area, most in local bars, restaurants, or gas stations.
Tefka says that, while the majority already are compliant, some independent owners are dragging their feet.
Eddie Tefka: "It's a scramble because in the past it's been idle threats and it appears that this deadline will be met."
So, why the holdup? The cost. Encryption upgrades cost ATM owners anywhere from $500 to $2000 per machine, and new ATM's can cost as much as $10,000. A lot of money for the little guys in the industry.
But something that needs to happen, this internal memo from the industry warns:
"Please be advised that any terminal not operating in TDES (that's the new standard) as of 12:30 am on January 1, 2007 will be shut down."
So what does that mean for consumers?
Eddie Tefka: "I think a lot of consumers are going to find the machine that they're so used to using, that was so convenient for them, no longer is functioning or has been removed because it is not functioning."
The deadline on this new rule has been a moving target for years. But, if it remains January first, and you run into one of the non-working ATM's, try another location.
We couldn't get any hard, fast numbers, but it's suggested that most ATM's will be in compliance, especially those that are part of larger networks.
