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Why Traditional Banks Often Misunderstand Check Cashing Businesses
Check cashing businesses play an important role in the financial services ecosystem. Every day, they provide consumers with access to funds, payment services, and financial transactions that many people
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Why Check Cashing Businesses Lose Their Bank Accounts
For check cashing businesses, maintaining stable banking relationships is essential to daily operations. From processing deposits and wires to managing cash flow and settlement timelines, access to reliable
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The Hidden Costs of Poor Cash Handling in Check Cashing Operations
For check cashing businesses, cash handling is part of daily operations. From customer transactions and cash drawer management to bank deposits and armored transportation, moving and managing large amounts
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10 Challenges Every Check Cashing Business Faces — and How to Solve Them
Operating a check cashing business comes with unique opportunities — but it also comes with challenges that many traditional businesses never experience. From maintaining reliable banking relationships
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9 Banking Mistakes That Get Check Cashing Businesses De-Risked
For check cashing businesses, losing a bank account isn’t just inconvenient—it can bring operations to a halt overnight.
De-risking continues to be one of the biggest challenges in the industry. And
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7 Signs You Need To Rethink Your MSBs Banking Relationship
In today’s regulatory environment, money service businesses (MSBs) face increasing pressure from financial institutions. Even long-standing banking relationships can change quickly—often without warning.
That’s
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The Background of National Check and Currency: A Trusted Partner for Money Service Businesses
Introduction
National Check and Currency (NCC) has established itself as a dedicated provider of banking solutions for Money Service Businesses (MSBs) across the United States. In an industry where access
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7 Banking Mistakes That Get Check Cashing Businesses De-Risked
For check cashing businesses, maintaining a stable banking relationship is one of the most critical parts of staying operational. Unfortunately, many financial institutions view money service businesses
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Why National Check & Currency Is Different From Traditional Banks
Money Service Businesses (MSBs) operate in one of the most highly regulated and scrutinized sectors of the financial industry. From retail check cashing to money transmission and currency exchange, MSBs
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How To Grow Your MSB Without Sacrificing Stability
For many money service businesses (MSBs), growth is both an opportunity and a risk. Expanding locations, increasing transaction volume, or adding new services can drive revenue—but without the right
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What Banks Look for When Opening Accounts for Check Cashing Businesses
For check cashing businesses, securing and maintaining a reliable bank account is one of the most critical — and challenging — parts of operating successfully.
Banks view check cashers as high-risk
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Has Your MSB Been De-Risked? Here’s What to Do Next
If you’re operating a Money Service Business (MSB) and suddenly get a notice from your bank that your account is being closed—or worse, it happens without warning—you’ve likely just been de-risked.
It’s
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In today’s financial landscape, money service businesses (MSBs) are vital players, providing essential services such as check cashing, money orders, and wire transfers. But with their accessibility and
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Why National Check and Currency Is the Top Choice for Money Service Businesses
In the complex world of money service businesses (MSBs), success is built on more than just offering financial services—it’s about staying compliant, earning trust, and maintaining rock-solid banking
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Thinking of Opening a Check Cashing Business?
Check cashing businesses play a critical role in communities across the country, offering convenient financial services to individuals who may not have access to traditional banking. If you’re thinking
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What Is De-Risking in MSB Banking — and How Can NCC Help?
If you own or operate a Money Service Business (MSB), you’ve probably heard the term “de-risking” thrown around—often in connection with sudden bank account closures or difficulty finding a
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What Are MSB Services — and How Can NCC Help?
If you’ve ever cashed a paycheck outside of a traditional bank, sent money overseas, or exchanged currency at a kiosk, chances are you’ve used the services of a Money Service Business (MSB).
MSBs play
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Check Casher FAQ: 15 Questions Retail Check Cashers Ask
Check Casher FAQ: 15 Questions Retail Check Cashers Ask
Who this is for: Owners and operators of retail check cashing locations, convenience stores, and financial service centers that cash checks as
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11 Signs a Bank is Truly MSB-Friendly
Finding a banking partner as a Money Service Business (MSB) is one of the toughest challenges in the industry. Many banks claim they “accept MSBs,” but few are truly MSB-friendly in practice. Without
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Understanding Money Laundering: Risks, Regulations, and Protections for MSBs
Money laundering is one of the most pressing issues facing financial institutions and money service businesses (MSBs) today. As regulators continue to tighten oversight, it’s essential for MSBs—like
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The Rising Threat of Fake Check Scams and MSBs
Fake check scams come in many forms—fraudulent payroll checks, counterfeit government checks, or seemingly legitimate business checks that are entirely fabricated. Scammers often rely on the delay between
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Securing a reliable retail check cashing bank account has become one of the biggest hurdles for money service businesses (MSBs). Traditional banks often shy away from MSBs due to the perceived risk and
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Why Compliance is Critical for Money Service Businesses — And How NCC Can Help
Running a Money Service Business (MSB) comes with unique opportunities—but also a complex web of regulatory responsibilities. Whether you’re cashing checks, handling remittances, or offering currency
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No Limits, No Problem: Why MSBs Choose NCC for Check Clearing and Cash Deliveries
If you’re operating a Money Service Business (MSB), you’ve likely faced frustrating limits from banks and service providers—caps on the number or size of checks you can deposit, restrictions on cash
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Cash Logistics Solutions for MSBs: How NCC Helps You Move Money Smarter and Safer
If you run a Money Service Business (MSB)—especially one that handles large volumes of cash—you know that managing, transporting, and securing that cash is a major challenge.
From the moment cash is
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Why NCC’s Multi-Bank Network Keeps Your MSB Protected from De-Banking
If you run a Money Service Business (MSB), you already know how challenging it can be to find a reliable bank—and how devastating it can be to lose one. Sudden de-banking is one of the most disruptive
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California Check Cashers Now Have Banking Options With NCC's Expanded Services
Check Cashers Can Enjoy Accelerated Rotation of Capital and “Next Day” Funds Availability
LOS ANGELES, July 9, 2019 /PRNewswire/ — National Check and Currency (NCC) expands check cashing
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NCC Expands Cash Vault Services and Processing Deadlines For California Check Cashers
California Check Cashers now have access to better banking relationships
LOS ANGELES, June 18, 2019 /PRNewswire/ — National Check and Currency (NCC) now offers cash vaulting and banking services
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Money Service Business Banks & Regulators Enter Multi-State Contract
Money service business banks and state regulators are forging ahead with a multi-state licensing process for MSBs. The new agreement will standardize core parts of the money service business licensing
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How Kenya Revolutionized Financial Inclusion
In the United States, more than 9 million households are unbanked and roughly 20% of all US households are underbanked. The fintech and money service business industries are helping bridge the gap with
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Financial Inclusion in 2018 and Beyond
MSB technology and innovative banking services are promising to bolster financial inclusion around the world. As social media connects people across the world, the financial technology sector is catching
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The Evolution of Money Laundering
Check cashing businesses spend a great deal of energy complying with Anti-Money Laundering (AML) policies and procedures. The goal of these efforts is to prevent money laundering and other financial crime
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Fintech and Financial Inclusion
Money service businesses have been granting the unbanked access to alternative financial services for a over a century. As traditional banking becomes increasingly expensive and exclusive, America’s
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How Prepaid Cards Fit Into the Check Cashing Industry
Prepaid cards offer a financial solution for individuals who don’t have a bank account or who are looking for new ways to budget. This alternative banking card is reloadable and allows you to spend the
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FinTech, Big Data, and AML Compliance for MSBs
Big Data and FinTech are giving the money service business industry more tools than ever before to serve their customers while shoring up their compliance risk. MSB regulation now spans the globe and financial
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Check Cashers Scramble to Comply
The latest Thomson Reuters Anti-Money Laundering Insights Report reveals that new AML regulation is overwhelming the check cashing and money service business industry. While most check cashers fear compliance,
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Diverse Check Cashing Services
Check cashing outlets offer alternative financial services beyond cashing checks. These services meet the varied needs of their community and fill in the gaps left by the traditional banking system. These
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Changes in MSB Regulation for Digital Currencies
The global financial community is still working out the details when it comes to digital currencies like Bitcoin. One side wants to treat (read: regulate) digital currency as a legal currency while the
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To meet current Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, check cashers need to leverage cutting edge technology. As the regulatory target continues to shift, compliance programs
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Remote Cash Deposit for Check Cashers
National Check and Currency is pleased to announce the addition of Remote Cash Deposit Services for check cashers and their customers to their banking services portfolio. With this solution, your check
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MSB Banking Trends Around the World
MSB banking trends around the world influence each other and shape the global financial regulation landscape. China’s Fintech boom and AML crackdown, a renewed compliance effort by Australian banks,
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Check Cashing Friendly Banks in the US
The Justice Department officially ended Operation Choke Point in August 2017. The program was originally designed and created by President Obama in 2012 to cut off banking access for legal businesses deemed
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Benefits of MSB Technology & Automation
MSB technology and automation help businesses streamline their processes while improving overall accuracy. In an industry with ever-changing regulation and sky high costs for non-compliance, money service
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Retail Check Cashing on the Rise
Retail check cashing refers to check cashing services that “live” inside another business. A convenience store offering quick bill pay, check cashing, and prepaid debit cards is a retail check casher.
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FinCEN Takes MSB Regulation Global
The Financial Crimes Enforcement Network, known as FinCEN, has long been the domestic authority for MSB regulation. The regulatory body is housed under the U.S. Department of the Treasury. As of Wednesday
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How to Prevent Check Cashing Fraud
Check cashing fraud has plagued check cashers since the birth of the alternative financial services industry. Criminal activity is always evolving, so staying on top of financial fraud is a full time job!
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Know Your Customer Requirements for MSBs
Know your customer (KYC) requirements are an integral part of any MSB compliance program. KYC is the business process of identifying and verifying the identity of customers. Every transaction must be thoroughly
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Artificial Intelligence for Check Cashing Businesses
Check cashers rely on technology every day to operate their businesses. POS technology gathers customer data and checks it against a database. A small scanner collects fingerprints, a security camera monitors
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The Correspondent Banking Crisis
A correspondent bank is a financial institution providing services on behalf of another financial institution. The bank accepts deposits, collects documents, facilitates wire transfers, and conducts business
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Anti-Money Laundering for Check Cashers
Anti-money laundering (AML) efforts are the cornerstone of every financial compliance program. Check cashers rely on AML experts to successfully manage and avoid the risk for financial crime. Money laundering
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MSB Regulation and Digital Currency
Regulators are wrestling with a new challenge: how to regulate digital currencies. Bitcoin and its contemporaries have been floating in the periphery for some time and regulators are now working to expand
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Check Cashing Laws and Regulation
Check cashing laws and regulations are set in place by government bodies to prevent financial fraud. Check cashers fall into one of two categories: regulated or unregulated. Regulated check cashers are
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MSB Accounts Face Increased AML Pressure
Regulators are cracking down on financial institutions with insufficient or non existent anti-money laundering (AML) programs. Between January and June of 2017, FinCEN brought two actions for AML violations
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Payroll Cashing Bridges the Banking Gap
Even fully banked individuals turn to payroll cashing to meet their financial needs. This is contrary to the popular belief that only the unbanked rely on check cashing services. In reality, a wide variety
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Money Service Business Banks: A Dwindling Network
Money service business banks are few and far between in 2017. A collection of economic forces are at fault for the depleted supply. Since 2008, the banking industry is increasingly risk averse and the
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Understanding Check Cashing Fraud
As a check casher, your top priority is to operate your business legally, compliantly, and efficiently. To do this, you need to understand your risk for check cashing fraud and take action to identify
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The Importance of MSB Bank Accounts
MSB bank accounts play an important role in global financial inclusion. A reliable bank account enables an MSB to serve their community with alternative financial services. Without an MSB bank account,
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Check Cashing Business Operations
Operating a check cashing business is a complex endeavor. When you start your business, you have to choose a location, pick which services to provide, and write a business plan. From there, you need to
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Where Did Money Service Business Bank Accounts Go?
Money service business bank accounts are more elusive than ever before. AML regulation and the resulting trend of derisking are putting pressure on banks, which is then transferred to the money service
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Opening Procedures for Check Cashing Businesses
As a check casher, you face financial risk everyday. A big part of your business plan is devoted to detecting and preventing financial fraud to protect your check cashing business. You have a clear check
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Money service businesses need cash vaulting and armored cash delivery services to support their operations. Access to the cash vault of a local depository institution enables an MSB to place cash orders
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Mobile Money and Check Cashing Businesses
As FinTech startups vie for space in your mobile wallet, some are looking forward to a cashless future. But peer to peer payment apps won’t fill the void in banking services. Many of these platforms,
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MSB Banking & Regulation: A Give And Take
Regulators continue to work towards a closed loop of financial crime protection, detection, and prosecution. Banks, on the other hand, are fighting to compete with check cashers and mobile payments platforms.
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Check Cashing Services: Behind The Scenes
Behind every convenient check cashing service, there stands a check cashing business. The industry continues to grow with over 13,000 check cashing outlets in the United States in 2015. Financial Service
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MSB Bank Derisking & Its Nonprofit Impact
US nonprofits abroad are facing a financial inclusion dilemma. In the recent wave of derisking, banks are dropping money service businesses from their client lists. These MSBs are the vehicles for transferring
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In the US, there are over 13,000 financial service centers and check cashers in operation. These businesses conduct over 350 million transactions annually, including over $58 billion in check cashing transactions.
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AML Regulation Changes for MSBs
The money service business industry relies on banking continuity, which is heavily influenced by compliance and regulation. There are currently several shifts occurring in the realm of bank regulation
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Inside the Check Cashing Community
The check cashing industry is often misunderstood by people who think banks are better suited to meet financial needs. Those who misunderstand the industry are overlooking the key issues that deny open
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Global Trends Affecting MSBs & Money Transmitters
Money service businesses face a myriad of global trends, risk, and regulations, spanning from wire fraud to increased competition and derisking. In the face of banking uncertainty and confusion around
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The Importance of Retail Check Cashing Solutions
Check cashing solutions for small business retailers allow you to turn your convenience store into a financial center for your community. Why are retail check cashers essential for our current economy?
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Robust Compliance for MSBs & Banks
Financial compliance is an ever-changing stream of risk, regulation, and mitigation. At National Check & Currency, we have our eyes on both bank-facing and MSB-facing compliance. As a result, our financial
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Americans pay billions of dollars in overdraft fees to banks each year. In fact, individuals paid $38 billion in 2011, a phenomenon that is fueling the demand for alternative financial services. While
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As federal and state regulatory regimes expand, it is increasingly difficult for small businesses like check cashers to keep track of what they need to do to stay compliant. In addition, check cashers
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MSB Banking Services for Check Cashers
MSB banking services include offering real MSB bank accounts and the supported MSB services that keep your check cashing business up and running. This article evaluates the MSB industry, MSB compliance,
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Inside the Business of Restaurant Check Cashing
As lives become increasingly chaotic, consumers are looking for ways to maximize their time. One result of our collective shift towards convenience is growth in the restaurant industry. New niches are
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Beauty shop check cashing is just one of the retail check cashing industries for which National Check and Currency provides MSB bank accounts. The beauty salon industry is growing and retail check cashing
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The MSB banking industry is in flux. Over the past year, money service businesses report a sharp increase in the closure of their MSB banking accounts. In most cases, little warning or explanation is given.
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Special Agent Brings Regulatory & Law Enforcement Experience to Compliance Team
Former Special Agent Louis Skenderis is joining National Check and Currency as General Counsel. Louis comes to NCC from Homeland Security Investigations (HSI), the main investigatory arm of the U.S. Department
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MSB services enable your small business to serve the underbanked.As a money service business or check casher, you are playing a vital role in your local economy. Regulators and politicians perpetuate the
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The money service business industry is facing its biggest obstacle yet: the closure of MSB bank accounts. A variety of factors are influencing banks, from federal regulation to the cost of compliance.
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Banks Compete with Local Check Cashing Services
Banks have long been in the business of cashing their own checks. Recently, however, banks are starting to offer less traditional check cashing services. To tap into the lucrative business of check cashing
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The State of the Check Cashing Industry
In 2015, check cashing was estimated to be an $11 billion industry with 1.8% annual growth. The roughly 14,500 check cashing businesses in the United States employ close to 90,000 individuals (IBIS World).
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As a gas station owner, you are familiar with the benefits and challenges of the industry. One way for you to stay competitive and build your business is to diversify the services you offer at your business
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Check cashing compliance is another facet of your check cashing business that you have to juggle. In addition to balancing your business, your check cashing bank account, your employees, and your clients,
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Check Cashing Solutions for Liquor Stores
Check cashing solutions represent an opportunity for your liquor store to further the current industry-wide momentum. Offering retail check cashing services empowers you to diversify your business, access
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Grocery Store and Bodega Check Cashing
Grocery store and bodega check cashing is one of the six types of retail check cashing. Grocery stores and bodegas naturally lend themselves to check cashing services because they are already hubs of community
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C-store check cashing relies on the convenience store industry. So, before we dive into the check cashing, we will examine the industry itself. The Association for Convenience and Fuel Retailing (NACS)
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The Retail Check Cashing Industry
The check cashing industry is diverse, encompassing many different types of regulated and unregulated money service businesses. National Check and Currency serves stand alone check cashing businesses,
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Check cashing regulation has expanded and evolved to meet the compliance requirements and perceived risk of the check cashing industry in the 21st century. Check cashers are grouped with money service
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Why You Need a Reliable Check Processor
A check processor plays an integral role in the day-to-day operations of a money service business owner. The check processor drives the check cashing cycle by analyzing checks, coding sensitive financial
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Check cashers provide access to financial services for individuals who don’t have access to traditional banking institutions. In a restrictive market, check cashers offer financial inclusion and convenience.
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Regulators Warn MSB Banks Against Indiscriminate Derisking
Three years have passed since the Financial Crimes Enforcement Network (FinCEN) introduced their list of “risky businesses,” referred to as Operation Choke Point. Since its publication, the list has
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Is Social Media the Key to Money Transfer Success?
Why is Social Media So Important for MSBs?
Transferring money is personal. Whether you are cashing a check to pay your monthly bills or sending money to a family member abroad, the transaction hits close
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Can America Change The Remittance Game?
Economic Growth and the Flow of Remittances
2015 was a year of highs and lows for America’s economic outlook. Even with revised 3rd and 4th quarter forecasts, the year reflected a trend of moderate
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Check clearing services help money service businesses at every step of the check cashing process. To better serve their MSB clients, National Check and Currency offers a comprehensive suite of check clearing
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Is Your Check Cashing Bank Account Next?
Will Your Check Cashing Bank Account Be Shut Down?
No check cashing bank account is safe. Banks across the United States continue to shut out MSB bank accounts and engage in indiscriminate derisking.
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NCC Affirms Commitment to MSB Compliance with New Hire
National Check and Currency is thrilled to welcome former Federal Agent Mark Ochab as our new Director of Banking Services and MSB compliance. Mark’s extensive background investigating financial crimes
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Banks Terminate MSB Bank Accounts
Banks Continue to Terminate MSB Accounts
Money Service Businesses can’t catch a break. Banks across the United States and Canada continue to shut down MSB accounts and engage in indiscriminate derisking.
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The MSB Banking Services You Need
As a money service business, you need more than just an MSB bank account, you need a full range of MSB banking services in order to stay up and running. National Check and Currency offers a complete suite
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