February 7, 2005
To the Licensed Check Casher Addressed:
Re: Annual Maximum Check Casher Fee
Part 400.12 of the Superintendent’s Regulations provides for a possible increased annual fee adjustment, based on the increase in the consumer price index for the New York-Northern N.J. – Long Island, NY-NJ-CT-PA area for all urban consumers.
Pursuant to section 372(3) of the Banking Law and Part 400.12 of the Superintendent’s Regulations, this is to advise you that effective March 1, 2005, the maximum fee that licensed check cashers may charge for cashing a check will be increased from 1.50 percent of the face amount of the check to 1.55 percent, 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.
Diana L. Taylor
Superintendent of Banks