If you are a check cashing business looking for a reliable banking relationship, you are in the right place. As check cashing banks become even harder to find, National Check and Currency provides a consistent MSB banking solution. National Check and Currency works with a network of check cashing banks to provide MSBs, including check cashing businesses, with real bank accounts. NCC’s clients enjoy the benefits of redundant banking: operational continuity, increased efficiency, cutting-edge compliance technology, and faster rotation of their working capital.
National Check and Currency is wholly committed to providing complete banking solutions for its MSB clients. Many financial institutions who claim to provide banking services for check cashers do not actually offer real MSB bank accounts. For check cashing business owners, this is confusing and frustrating. Luckily, NCC provides real bank accounts for MSBs, and you can finally end your never-ending hunt for check cashing banks.
To understand National Check and Currency’s solution to the check cashing bank conundrum, we need to first understand the problem. Check cashing banks are increasingly hard to find because Federal and state regulations discourage banks from working with check cashers due to perceived risk. As a result, MSB friendly banks are few and far between.
The risk most often associated with check cashing banks is money laundering. Everyone agrees that money laundering is bad and we should do everything reasonable in our power to prevent it. Unfortunately, in the process of preventing crime, AML regulation is also a key factor in the unavailability of check cashing banks. AML regulation includes the enforcement of The Bank Secrecy Act of 1970 and the subsequent regulation. The goal of AML programs is to prevent the illegal laundering of money through MSBs, but unbanked MSBS are an unintended consequence of AML regulation.
Even if you find an MSB friendly bank, staying banked is an entirely different story. AML regulations also make it easier for banks to de-risk, or drop MSB clients at their own discretion. Indiscriminate de-risking leaves MSBs without a bank, leading to business closure and lost profits. As an MSB owner, this is the most challenging threat your business faces. If and when your bank cuts ties with you, your check cashing business will have to close and you will be forced to scramble to find a new bank.
Luckily, in the midst of this uncertainty, NCC takes the guesswork out of finding check cashing banks. NCC’s Director of Banking, Mark Ochab, works tirelessly to bring on new banking partners so that MSBs can enjoy the benefits of redundant banking. When you have redundant banking partners, you are not constantly on edge, worrying about indiscriminate de-risking.
Providing reliable MSB bank accounts and staying compliant go hand-in-hand, and NCC juggles both the big picture and the everyday details of each flawlessly. For example, NCC was one of the first to recognize that the future of compliance and healthy MSB banking relationships centers around POS identification. After a rise in fraudulent tax returns and money laundering, FinCEN handed down new regulations for money service businesses. Long before the regulations became reality , NCC executed the early adaption of the latest compliance technology and POS identification systems. For NCC’s MSB clients, the transition was smooth and every client location was up and running with their new systems well before the State and Federal mandates.
NCC continues to help their MSB clients and banking partners stay compliant day in and day out. As a result, everyone enjoys a profitable and consistent working relationship. Read about our process and how we keep you up and running.