Check cashers overview
A check casher is a business that cashes a check for a fee. Any place of business charging consumers greater than $1 to cash a check is required to obtain a check cashing license by the Division of Banks (DOB). Generally, cashing or depositing a check with a bank or credit union will result in the lowest fees for the consumer.
What your need to know when using a check cashing service
- There are no caps on fees check cashers may charge, as long as all fees are properly disclosed prior to the completion of a transaction.
- A receipt must be provided with each check cashing transaction.
- The check casher's license should be prominently displayed, along with the business hours of operation and complete fee schedule.
- To receive a license from the Division of Banks, check cashers must demonstrate a need for their business and that the facility has adequate security to ensure consumer safety.
- Check cashers may refuse to cash a check.
Foreign money transmittal overview
A foreign transmittal agency is a business where consumers are able to send money (remittance) to recipients outside of the United States for a fee. Funds are converted to the recipients' local currency based upon the prevailing exchange rates. Typically, you will visit an agent to start the transaction.
Foreign transmittal agents or branches are affiliates of a foreign transmittal agency. Commonly, an agent will be located at a convenience store or neighborhood market.
What your need to know when using a foreign money transmittal service
- You have 30 minutes to cancel a transfer for a full refund.Beware of unlicensed companies.
- Always be sure to use licensed foreign money transmittal agencies and agents. All foreign transmittal agencies and their agents require licensure by the DOB. Several unlicensed entities have claimed to be legitimate foreign transmittal agencies.
- Verify license status for foreign transmittal companies using the Nationwide Multistate Licensing System (NMLS) or the DOB's Find an Agent or Branch of a Foreign Transmittal Agency portal.
- You may also want to visit the DOB's Enforcement Actions list to view any outstanding actions against licensees.
- The recipient of your foreign money transmission must receive the funds within seven days of acceptance and you must be furnished with a receipt as proof of payment.
- If you failed to provide the correct transmittal information, funds may be delayed beyond 7 days; however, providing the correct transmittal information, the money transmittal must be forwarded to the recipient within 7 days.
- The foreign transmittal agency or agent/branch must provide you with disclosures prior to the remittance including, at a minimum: the exchange rate, amount of money transmitted, fees, and taxes. Receipts must also detail when the money is expected to arrive.
- If funds have not been remitted within 7 days consumers are encouraged to contact the company or agent in an attempt to resolve the matter. If an attempt to resolve the matter is unsuccessful, you may contact the DOB Consumer Assistance Unit for further assistance.