New York check cashers are truly neighborhood financial service centers, offering a wide array of products and services that help New Yorkers manage their daily finances. FSCNY members are continually expanding the roster of financial services offered to meet customers' needs. The primary service offered is cashing of payroll, government, insurance and other checks. Some FSCNY members also cash commercial/business checks. The industry cashes nearly 30 million checks per year, representing a face value of more than $16 billion. Nearly 29 million of the items are consumer checks having an aggregate value in excess of $13.5 billion, with an average check size of $482.75. In addition to check cashing, FSCNY member locations offer a multitude of additional financial and ancillary services, including:
Other products and services include:
- Money orders
- Money/Wire transfers
- Sale of prepaid debit cards that function as virtual bank accounts
- Electronic bill payments -- more than 6 million electronic transactions annually
- Public transit metro cards(largest out-of-system vendor of tokens and transit cards in New York City)
- Tax preparation and filing
- ATM access
- Point-of-Banking services with participating credit unions
- Ancillary products such as pre-paid telephone calling card, notary public, postage, etc.
Transparency is of the utmost importance in all products and services offered by FSCNY members. All fees charged by licensed check cashers are posted and disclosed to the consumer before the transaction is completed and all fees are paid at the point of sale.