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New York State Department of Financial Services · NY

Annual Maximum Check Casher Fee

February 13, 2017

Summary

The New York Department of Financial Services has increased the maximum allowable fee for licensed check cashers to 2.03% of the check's face value. This fee adjustment takes effect on March 4, 2017, and requires all licensed check cashers to update their posted signage accordingly.

Industry Letter

February 13, 2017

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, 2017, the maximum fee that licensed check cashers may charge will increase to 2.03 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,

 

Daniel Sangeap
Deputy Superintendent of Banks
New York State Department of Financial Services

Source: https://www.dfs.ny.gov/industry_guidance/industry_letters/il20170213_annual_max_check_casher_fee

Common questions

What does "Annual Maximum Check Casher Fee" cover?
The New York Department of Financial Services has increased the maximum allowable fee for licensed check cashers to 2.03% of the check's face value. This…
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 13, 2017.

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