Reglith
← All regulatory updates

New York State Department of Financial Services · NY

Annual Maximum Check Casher Fee

February 14, 2019

Summary

The New York State Department of Financial Services has increased the maximum check cashing fee to 2.11% of the check's face value. This update takes effect on March 4, 2019, and requires all licensed entities to adjust their posted fee signage accordingly.

Industry Letter

February 14, 2019

Industry Letter: Annual Maximum Check Casher Fee

To the Licensed Check Casher Addressed:

Part 400.11 of the Superintendent's Regulations provides for a possible increased annual fee adjustment, based on the increase in the consumer price index for the New York - Northern New Jersey - Long Island, NY­ NJ-CT-PA area for all urban consumers.

Pursuant to Section 372.3 of the Banking Law and Part 400.11 of the Superintendent's Regulations, this is to advise you that effective March 4, 2019, the maximum fee that licensed check cashers may charge will increase to 2.11 percent of the face amount of the check, except with respect to the cashing of checks, drafts, or money orders for payees of such checks, drafts, or money orders that are other than natural persons.

Please revise your signage accordingly.

Sincerely,

 

Wendy Henry
Deputy Superintendent
Licensed Financial Services
Banking Division

Source: https://www.dfs.ny.gov/industry_guidance/industry_letters/il20190214_annual_maximum_check_casher_fee

Common questions

What does "Annual Maximum Check Casher Fee" cover?
The New York State Department of Financial Services has increased the maximum check cashing fee to 2.11% of the check's face value. This update takes…
Which agency issued this update?
This update was issued by New York State Department of Financial Services.
When was it published?
It was published on February 14, 2019.

Get the free weekly digest

Every mortgage regulatory change, summarized, in your inbox. No account needed.

Related updates