NYDFS allows increased licensed check casher fee

State Issues State Regulators NYDFS Fees

On February 28, NYDFS issued an industry letter to licensed check cashers in the state. Pursuant to Section 372.3 of the New York Banking Law and Part 400.11 of the Superintendent’s Regulations, the maximum fee that licensed check cashers may charge is increased to 2.23 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.” The increase takes effect March 2.