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Privately operated check cashers serve vital social and economic functions by providing thousands of people who do not or cannot use regular banking facilities with their only alternative
for cashing Social Security and other government benefit checks and payroll checks. Since this alternative banking service is the only way many people can obtain ready cash with which to purchase essential food, clothing and shelter, it has been regulated by the New Jersey Department of Banking (DOB) since 1951, with the primary objective of assuring stability and integrity within the industry. The regulatory process involves the licensing of cashiers, requirements for bookkeeping and for periodic reporting to, and audits by, the regulators, and establishing reasonable limits on check cashing fees.
The regulatory program governs an industry that generates a remarkably large volume of transactions by a relatively small number of entities, an economic imbalance that invites the evils plaguing non-bank check cashing in New Jersey. There are about 80 DOB-licensed check cashers. They annually cash more than four million checks worth more than a billion dollars. And they collect upwards of 10 million dollars in fees.* These official statistics do not include the activities of unlicensed check cashers and cannot, of course, reflect the estimated millions of dollars worth of transactions that are not recorded or reported by licensees. Needless to say, as the Commission noted at its public hearing on the industry, check cashers may be few in number "but constitute a business with such a huge dollar volume and such a constant flow of cash that it presents a potent temptation for fraud, loansharking and other criminal activities."
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