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New York State Department of Financial Services · NY

Annual Maximum Check Casher Fee

February 5, 2018

Summary

The New York State Department of Financial Services has increased the maximum allowable check cashing fee to 2.07 percent of the check's face value. Licensed entities must update their posted signage to reflect this change effective February 26, 2018.

Industry Letter

February 5, 2018

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 February 26, 2018, the maximum fee that licensed check cashers may charge will increase to 2.07 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 of Licensed Financial Services
New York State Department of Financial Services

Source: https://www.dfs.ny.gov/industry_guidance/industry_letters/il20180205_annual_max_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 allowable check cashing fee to 2.07 percent of the check's face value.…
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 5, 2018.

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