Make-A-Buck

Beware of firms offering oodles of profit from owning an ATM. A Maryland firm offering investments in ATM machines was shut down last week by state government officials. Largo, MD-based Bankcard Group, Inc. allegedly bilked more than $3 million from 130 investors over the past two and a half years. According to the Maryland Attorney General’s office, the company offered investors a choice between buying an interest in an ATM machine or purchasing the machine outright. Investors paid between $250 and $2,500 for an interest share in one machine or between $6,000 and $10,000 to own an ATM machine. Under the program, Bankcard Group would deploy the machines in retail locations. The company allegedly promised investors a return of $1.50 for each transaction conducted through each machine, projecting income revenues between $1,500 and $3,000 per month per machine. The Maryland Attorney General’s office says Bankcard Group sold 200 ATMs but only 44 were delivered and installed. According to the Washington Post, the company also used the name ATM Group Enterprises.