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Have you read the Check Cashing Act and reviewed Section 16,17, and 18?
The department shall grant the license if it determines that the applicant is financially responsible and has assets of at least $100,000 available with liquid assets of at least $50,000 evidenced by a CPA prepared audited or reviewed financial statement, and that the applicant will conduct the business of cashing checks pursuant to the Check Cashing Act. The department may refuse to issue a license if an applicant, who is an individual, has been convicted of a felony.
Do you agree to keep ample and adequate records to disclose the true status of your business under the Check Cashing Act and will such records be made available for examination? Give details on the software used for record keeping.
CHECK CASHING REQUIREMENTS
A licensee must do the following:
- Conspicuously display a notice to the public at each place of business stating the maximum charges for cashing checks.
- Make payment to a customer for whom a check is being cashed upon presentment of the check.
- Endorse the name in which the licensee is licensed on all checks before depositing them in a financial institution.
- Cash a check made payable only to a natural person as payee unless the licensee has previously obtained appropriate documentation from a payee clearly indicating the authority of the natural person or persons cashing the check on behalf of the payee.
- If a licensee engages in a check cashing transaction in which the amount of the check is at least $3,000 or in which the sum of the amounts on 2 or more checks from the same customer on the same day total at least $3,000, the licensee must obtain the thumbprint of the customer or a photograph of both the customer and the check; the full name of the customer; the residence address of the customer; and the identification of the customer by Social Security number, driver's license number, passport number, or other traceable record.
Check Cashing Fee Limitations
A licensee may not charge check cashing fees in excess of the greater of $5.00 or 10% of the face amount of the check.
3- Check Attributes and Accents
Symbol / Monogram
An optional symbol / monogram (also known as a woodcut), may be chosen to accent the look of your checks. These symbols appear in the upper-left hand corner and are available with some check orders.
The typestyle you selected for your personalized information.
Your financial institution's name
Deluxe stays current with all changes taking place in the financial industry. If your financial institution information changes, we update our system automatically to ensure your checks are printed correctly.
The message (or byline) adds extra character to your checks and is printed above the signature line. This is available with some check orders.
4- Learning About Checking Accounts
At Deluxe, we think it's important to educate people on the values and responsibilities of having a checking account. Our educational materials are great for first-time checking account holders, life skills learners, new arrivals to the United States, and as a refresher for anyone who writes checks.