Every day, the licensed check cashing industry serves hundreds of thousands of New Yorkers who seek access to basic financial services at times and locations that are convenient to them, and that suit their personal needs.   For many, mainstream financial institutions are too expensive to use.  Many customers have at least one account with a bank or credit union, but choose to conduct their financial transactions at FSCNY member locations for a number of reasons, including:

• Liquidity
  • New Yorkers often lack the funds required to open and maintain traditional bank accounts.  For New Yorkers living paycheck to paycheck, they are able to best manage their finances at FSCNY member locations where they are able to get immediate access to their hard earned money. 

• Access and Convenience:
  • Traditional financial institutions are often difficult to find in working class neighborhoods, having concentrated their locations in middle and upper class suburbs.  In contrast, check cashers are deeply-integrated members of the local communities they serve.
  • FSCNY member locations offer extended hours to accommodate varying work schedules (many are conveniently open seven days a week, with some open 24 hours a day).

• Personal Service:
  • Many New Yorkers need a higher level of interpersonal service when conducting financial transactions often not found in traditional financial institutions.  At FSCNY member locations, the staff speaks the language(s) of the neighborhood and offers a more family-friendly environment than traditional financial institutions.

• Transparency:
  • For New Yorkers with limited financial resources paying a fee for financial services such as check cashing and bill payment can be faster, cheaper, and more transparent than comparable bank services.  Simply, New Yorkers managing tight budgets cannot afford surprise fees and back-end charges.  At FSCNY member locations, all fees are clearly posted allowing customers to make knowledgeable financial transactions.  New York check cashers offer customers the peace of mind of knowing their obligations have been met without fear of future financial repercussions.