HIGHLIGHTS

• 16th Annual FSCNY Conference and Vendor Show - held on May 6, 2008
  • Event Overview
  • Detailed Show Program
  • Vendor Information
     
• FSCNY College Scholarship Program - 13th Year Anniversary of Program
  "Rewarding Young Leaders in Our Community"
  • FSCNY in conjunction with MoneyGram International awarded cash grants to outstanding high school seniors from public and private schools in NYC’s 5 Boroughs and the surrounding NY Counties. 
    Read about the 2008/2009 Winners!
     
• State of New York Banking Department issues Industry Letter regarding tax preparation firms conducting illegal check cashing activities. -- (January 25, 2008)
   
• 15th Annual FSCNY Conference and Vendor Show, May 8, 2007 -- Click for photos and more
   

• Spring 2008 Issue - FSCNY UPDATE
  The Official Newsletter of the Financial Service Centers of New York

What's Inside:

• Conference Preview
• President's Report
• Government Round-up
• FSCNY Spotlight

• "The Check Casher Delivery Channel: Could You Use 6,000 Additional Branches?,"
  by Joseph Coleman of RiteCheck. 
  
  This presentation was presented at a panel in Chicago in June 2006 as part of the conference, “Underbanked Financial Services Forum,” sponsored by The Center for Financial Services Innovation, SourceMedia, USBanker and the American Banker.
   
• NetSpend^®National Savings Program -- Offered by Over 500 FSCNY Member Locations
  • NetSpend^® and FiSCA Break New Ground with 3 Percent Annual Percentage Yield on NetSpend National Savings Program
     
• FSCNY Press Room
   
• Check Cashers Association of New York (CCANY) is now the
  Financial Services Centers of New York (FSCNY)
   
• Center for Financial Services Innovation Releases Study on the
  PayNet Deposit Program
  • Click for news release
  • Click for the report
     
• Commercial Check casher Law Signed by Governor Pataki
   
• Innovative PAYNET Payroll Network Enters Tenth Year
  
  
• Association Members Adopt Currency Exchange Pilot Program

NETSPEND NATIONAL SAVINGS PROGRAM
Offered by Over 500 FSCNY Member Locations

• NETSPEND CARD -- Prepaid Debit/Credit Card
  
  
  
  The NetSpend Card is a prepaid Debit and Credit card and is offered by over 500 FSCNY member locations.  It enables the customer to buy a card and then shop by phone, on the Internet, or anywhere that credit cards are accepted.
  
  
  
   
• THE SAVINGS PORTION
  In 2005, FiSCA (Financial Service Centers of America) and NetSpend formed the All-Access National Savings Program. (Click for FiSCA press release). Enrollees of this free program have an interest-bearing, federally insured savings account linked to their NetSpend card. (Click for FiSCA press release on competitive interest rates.)
  
  Cardholders transfer funds at no cost back and forth via the Web, automated phone system, or a live customer service agent. Cardholders can set up automated, recurring transfers to their savings account. 
  
  There is no minimum deposit to enroll, no minimum monthly balance, and no monthly service fee.  Many use the program as a money management tool.
  
  Consumers enroll in the program online (www.netspend.com), over the telephone (1-86-NETSPEND), or in person at a FSCNY check cashing location, which links their prepaid card to an interest-bearing account. Once this happens, cardholders can add funds to their savings account via free transfers from their prepaid debit card. 

CCANY IS NOW FSCNY
We've changed our name!  The association has reached a new milestone in our long history. Our new name better reflects our modern financial service centers --
Financial Service Centers of New York (FSCNY).

COMMERCIAL CHECK CASHER LAW SIGNED BY GOVERNOR PATAKI
It has been reported that Governor Pataki signed the commercial check casher law.  However, the Banking Department has advised us that the law has not been released and is in the administrative process of being assigned a statute number.  This will take a few days. Click for memo.

ASSOCIATION MEMBERS ADOPT CURRENCY EXCHANGE PILOT PROGRAM
With many European countries now converted to the Euro, exchanging international currency is easier than ever. While many banks provide currency exchange, the service is usually offered at a limited number of branches, making access for consumers difficult. Under a new pilot program with First Rate Enterprises, a subsidiary of the Bank of Ireland, 23 check cashing locations in the New York City area are offering currency exchange services to their customers.

Exchanging primarily Euro, Sterling and Canadian currency, the participating check cashers receive daily updates on the fluid currency rate changes from First Rate Enterprises. The rates are entered into the stores’ computers for easy conversions and customers are informed of changes through the use of rate boards hung in each location.

While customers are using the service, currency exchange may not be for every check casher. Those participating in the pilot program have locations in areas heavily traveled by tourists, where there is a larger need for currency exchange. While most customers are transient, participating members have received inquiries from companies who need cash advances for international travel.

“The addition of currency exchange to our menu of financial services is a natural fit for check cashers,” said James Eustace, president of FSCNY. “With a limited number of bank branches offering currency exchange, this gives our customers convenient access to this important service.”