February 12, 2021
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 annual fee adjustment, based upon the increase in the consumer price index of the New York – Northern New Jersey – Long Island, NY – NJ-CT-PA area for all urban consumers.
Pursuant to Section 372.3 of the New York Banking Law and Part 400.11 of the Superintendent’s Regulations, this is to advise you that effective February 26, 2021, the maximum fee that licensed check cashers may charge will increase to 2.27 percent of the face amount of a check, draft, or money order, 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.
Should you have questions, kindly contact the Department’s relationship manager for your entity.
Deputy Superintendent | Banking
Licensed Financial Services