Banking, Saving & Sending Money
The Department of Financial Services (DFS) encourages New Yorkers to educate themselves on important financial issues. Below you will find some helpful information on banking, saving, and protecting your money. Please feel free to print and share this information!
Using a Licensed Check Casher
A check casher is a business that charges a fee for cashing a check. In order to do business in New York, a check casher must be licensed by the DFS. Learn more here about how to safely use a check casher.
Using a Licensed Money Transmitter
Check the signs! In order to do business in New York, a money transmitter must be licensed by the New York State or be an agent of a licensed transmitter. Learn more here about how to use a money transmitter safely.
Opening a Bank Account
Over the long term, a bank account can be less costly than using non-bank financial services, and you can start to build a relationship with a bank and a financial history that will help you in the future. Learn more about how to open a bank account.
Basic Bank Accounts
New York State law requires that all banks offer consumers a low-fee bank account that meets specific basic criteria. Anyone in New York State can have a basic banking account if they meet certain conditions. Learn more about basic bank accounts.
Avoiding Identity Theft
Thieves with access to personal information can steal your identity and apply for credit in your name, racking up huge debts without your knowledge. Learn more about how to avoid having your identity stolen and what to do if it is stolen.
Using an ATM Safely
Common sense is your best guide to using an ATM safely. Here are some more tips on how to choose an ATM and how to protect yourself while using it.
Bank Fees & Interest Rates
Treasury Rates
A high-cost home loan is one in which the annual percentage rate (APR) at consummation exceeds 8 percentage points (for a first lien loan) or 9 percentage points (for a subordinate lien loan) over the yield on U.S. Treasury securities having a comparable maturity, measured as of the 15th day of the month in which application for the extension of credit is received by the lender; or the total points and feeds exceed five percent of the total loan amount if the total loan amount is fifty thousand dollars or more; or six percent of the total loan amount if the total loan amount is fifty thousand dollars or more and the loan is a purchase money loan guaranteed by the federal housing administration or the veterans administration or the greater of six percent of the total loan amount or fifteen hundred dollars if the total loan amount is less than fifty thousand dollars.
A high cost home loan may not contain an "oppressive mandatory arbitration clause." Clauses that comply with the standards set forth in the Statement of Principles of the National Consumer Dispute Advisory Committee are not deemed oppressive.With regard to high-cost home loans and veterans, residual income is the amount of net income remaining (after deduction of debts and obligations and monthly shelter expenses) to cover family living expenses such as food, health care, clothing, and gasoline.
A subprime home loan is one in which the initial interest rate or fully indexed rate, whichever is higher exceeds by more than 1 3/4 percentage points (for a first lien loan) or 3 3/4 percentage points (for a subordinate lien loan) the average commitment rate for loans in the northeast region with a comparable duration to the duration of such home loan, as published by the Federal Home Loan Mortgage Corporation (herein "Freddie Mac") in its weekly Primary Mortgage Market Survey (PMMS) posted in the week prior to the week the lender provides the "good faith estimate" required under 12 USC section 2601 et seq.
To assist in the determination of U.S. Treasury rates during the applicable time periods, the Department has posted rates for various maturities of U.S. Treasury securities, calculated as of the 15th day of each month from December 2002 to August 2008.Mortgage Rates
Credit Card and Bank Fee Surveys
The following bank fee and interest rate surveys contain rate and/or fee information for various financial institutions in different geographic areas of New York. Inclusion of information about a specific financial institution should not be construed as an endorsement by the Department of Financial Services, the institution or its product. Rather, institutions appearing in the surveys are considered to be representative of their respective geographic markets.
The information is intended primarily to provide you with a frame of reference when shopping for certain types of loans.Note: The links below will take you away from the DFS website.
Bank Fees
These links take you to MoneyRates.com, a website that conducts a semi-annual regional rates survey on behalf of the DFS on the fees that banks charge for particular accounts and services.
Credit Card Rates
These links take you to CardRatings.com, a credit card comparison website that conducts a quarterly survey of credit cards on behalf of the department.
