Automatic Teller Machine Competitive Equity Act of 1985

Automatic Teller Machine Competitive Equity Act of 1985 - Permits a national bank to establish and operate branches in a target State if: (1) the laws of the State in which the bank is located expressly authorize State banks to establish such branches; and (2) the laws of the target State expressly authorize State banks located in the State in which the national bank is located to establish such branches, subject to any restrictions on the location of branches that such target State may impose on out-of-State banks. Authorizes a target State to allow such branching either without restriction or on the basis of the location of the States involved or reciprocal treatment by such States.

Declares that State banking regulations, rulings, and laws applicable to automated teller machines, customer bank communication terminals, point-of-sale terminals, and cash dispensing machines are a part of the branch banking laws of the State and are applicable to national banks. Provides that any such machines that are not owned or rented by a national bank shall not be considered to be branches of such bank for purposes of determining the aggregate capital required for such bank and its branches. Authorizes the Comptroller of the Currency to waive the requirement for approval of any change in the location of such machines that are used but not owned or rented by a national bank.