New York State Department of Financial Services · NY
Increase in Maximum Check Casher Fee
January 2, 2020
Summary
The New York State Department of Financial Services has increased the maximum fee licensed check cashers may charge to 2.19 percent of the face amount of the instrument. This fee adjustment excludes checks issued to payees that are not natural persons and requires updated signage for all affected licensees.
January 2, 2020
To the Licensed Check Casher Addressed:
Industry Letter: Increase in Maximum Check Casher Fee
This is to advise you that effective December 18, 2019, pursuant to the amendment of Part 400.11 of the Superintendent's Regulations, published December 18, 2019 in the New York State Register, the maximum fee that licensed check cashers may charge increased to 2.19 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/il20200102_increase_max_check_casher_fee
Common questions
- What does "Increase in Maximum Check Casher Fee" cover?
- The New York State Department of Financial Services has increased the maximum fee licensed check cashers may charge to 2.19 percent of the face amount of…
- 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 January 2, 2020.
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