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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
CHECK CASHER LICENSING
Docket No. 2010-072
In the Matter of
ALL CHECKS CASHED, INC.
Check Casher License Nos. CC0207 et al.
WHEREAS, the Division of Banks ("Division") obtained information from All Checks Cashed, Inc., Dorchester, Massachusetts, a licensed check casher under Massachusetts General Laws chapter 169A and 209 CMR 45.00 et seq. ("All Checks Cashed" or the "Corporation") on December 30, 2009, January 4, 2010, and January 19, 2010 pertaining to the participation of All Checks Cashed and its customers in the Secure Check Program (the "Program") offered through MB Financial Bank, N.A., a national bank headquartered in Illinois ("MB Financial").
WHEREAS, All Checks Cashed has been advised by representatives of the Division of Banks ("Division") that the Division has concerns with respect to the participation of All Checks Cashed in the Program.
WHEREAS, All Checks Cashed has entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with the Division dated July 16, 2010, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a check casher, All Checks Cashed agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner").
WHEREAS, the information obtained from All Checks Cashed disclosed that the Program included the creation of a banking relationship for customers of All Checks Cashed with MB Financial for the direct deposit of certain government issued benefit checks including social security, disability, and other government benefits.
WHEREAS, the information obtained from All Checks Cashed disclosed that the Program provided for the establishment by MB Financial of non-interest bearing deposit account for the initial deposit of benefit recipients, and a fiduciary account in the name of All Checks Cashed, where All Checks Cashed would be acting in the capacity of a fiduciary or trustee, for the subsequent transfer of the benefit payment, which is made available for withdrawal in the form of a check at All Checks Cashed.
WHEREAS, onsite visitations of several All Checks Cashed branch locations noted signage in the lobby advertising "Get Your Government Checks 4 Days Early: Ask About Our Secure Check Direct Deposit Program!"
WHEREAS, information from All Checks Cashed on June 2, 2010 indicates that it has terminated future participation in the Program, will not charge any fee for cashing checks issued to recipients under the Program, and will provide reasonable notice and assistance to those of its customers who opened accounts at MB Financial through the Program to enable them to close those accounts and choose a different method of receiving their government benefits.
NOW COME the parties in the above-captioned matter, the Division, and All Checks Cashed, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 16th day of June, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts