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The NPA has learned that SunTrust Banks, Inc. has announced it will terminate all accounts held by pawnbrokers.  SunTrust also announced its decision to terminate accounts for payday lenders and check-cashers, but will maintain their account relationships with federal firearms dealers.

The NPA continues to look into this year’s round of “bank discontinuances” and to bring your concerns to the three federal regulators of commercial banks, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), as well as to Members of Congress.  As we recently reported, NPA representatives had productive meetings in Washington with both the OCC and the FDIC in September.

We encourage all pawnbrokers to report cases of bank discontinuance to the NPA.  It is quite powerful to show the letters NPA members have received from their former banks to the regulatory agencies and to Senate Banking and House Financial Services Committee members.  So if you haven’t already, be certain to share any information you have, or know of, by emailing Matthew Church, Matthew@NationalPawnbrokers.org.

If you are a pawnbroker and a federal firearms dealer and have kept your accounts open with SunTrust, we’d appreciate hearing from you.  Otherwise, the NPA suggests to our members who are customers of SunTrust Banks, Inc., that you start looking for other banking relationships in case it proceeds with the announced decision to terminate pawn customer accounts.  We are working on a listing of potential banks for you to approach and some do-and-don’t talking points that will be available by contacting the NPA office.

If you have not sent a letter to your Congressional Members regarding the negative impact that bank discontinuances have on the pawn industry, please send your letters now atRally Congress .

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