January 30, 2023
Industry Letter: Maximum Check Casher Fee
To the Licensed Check Casher Addressed:
Pursuant to the amended Part 400.11 of the Superintendent’s Regulations, this is to advise you that effective January 18, 2023, the maximum fee that licensed check cashers may charge for the cashing of checks, drafts, or money orders for payees of such checks, drafts, or money orders that are natural persons is not to exceed:
- 1.5 percent of the amount of the check issued by the federal or a State government agency for the payment to the bearer of federal or State monetary assistance, Social Security, unemployment compensation, retirement, veteran’s benefit, emergency relief or housing assistance, or a tax refund; or
- $1 or 2.2 percent of the amount of all other check, drafts or money orders, whichever is greater.
Please revise your signage accordingly.
You can refer to the full text of the amended regulation at Regulations - Final Adoptions: Banking
Should you have questions, kindly contact the Department’s relationship manager for your entity.
Sincerely,
Wendy Henry
Deputy Superintendent | Banking
Licensed Financial Services