No, you do not need to be a licensed MSB to operate as a check casher. The Federal Government defines a regulated transaction as one which exceeds $1,000.00 or more, per day, per person.
As a result, all check cashers cashing less than $1,000 per day are not required to register as an MSB. Make sure the check your state for specific requirements since each state has different regulations associated with check cashing.
According to FinCEN, the term “money service business” (MSB) includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:
An activity threshold of greater than $1,000 per person per day in one or more transactions applies to the definitions of: currency dealer or exchanger; check casher; issuer of traveler’s checks, money orders or stored value; and seller or redeemer of traveler’s checks, money orders or stored value.
The threshold applies separately to each activity — if the threshold is not met for the specific activity, the person engaged in that activity is not an MSB on the basis of that activity. No activity threshold applies to the definition of money transmitter. Thus, a person who engages as a business in the transfer of funds is an MSB as a money transmitter, regardless of the amount of money transmission activity.
Notwithstanding the previous discussion, the term “money services business” does not include: A bank, as that term is defined in 31 CFR 1010.100(d) (formerly 31 CFR 103.11(c)), or A person registered with, and regulated or examined by, the Securities and Exchange Commission or the Commodity Futures Trading Commission. For the complete regulatory definition of “money services business”, see 31 CFR 1010.100(ff) (formerly 31 CFR 103.11(uu)).
Note: Each money services business (MSB) is a financial institution. For the regulatory definition of “financial institution,” see 31 CFR 1010.100(t) (formerly 31 CFR 103.11(n)).
Opening an account is easy! We require basic “know your customer” information on the owner of the business and the business itself. The application and the information required is similar to a Credit Card application. Fill out our “open an account” form or call us today to learn how our redundant check cashing banks keep your business up and running.
Our service costs are detailed below:
Call us to discuss your specific MSB banking service needs.
NCC will have you up and running approximately two weeks from the time the application is complete and submitted to the financial institution. Your team of check cashing experts will guide you through the entire process and set you up for check cashing success.
Yes, there are three kinds of check that your business may not accept:
Yes, NCC uses advanced POS software and hardware to protect you from fraud. Reach out to NCC for more information about the software and hardware check cashing clients are required to use. Find more information about CheckWare here.
NCC’s network of MSB friendly banks requires one of several forms of verified person ID for check cashing customers. All items will only be accepted after entering customer into the Emaginenet POS system with one of the following acceptable forms of PHOTO ID:
IMPORTANT NOTE: In order to obtain a legal Matricula Consular Card, the person had to submit proof of: Mexican citizenship and residence outside of Mexico. For Mexican Citizenship: a certified copy of Mexican Birth Certificate, Mexican Passport, Mexican Nationality Certificate, Mexican Certificate of Naturalization, or National Military Service Carnet. To establish residence outside of Mexico, they must provide: a State-issued Identification Card, a US Driver’s License, or other evidence with their name and address on it, such as a utility bill. YOU MUST obtain one of these additional items in addition to the Matricular Card prior to completing any Check Cashing Transaction.
All items will only be accepted after entering the customer into the Emaginenet POS system with one of the above acceptable forms of PHOTO ID.
NCC’s check cashing banks do not perform any background checks or Credit Checks during the account application process.