CHECK CASHERS ASSOCIATION OF NEW YORK SPONSORS
SCHOLARSHIP PROGRAM FOR COLLEGE-BOUND STUDENTS

Memorandum from the NYC Department of Education
(includes application)

NEW YORK, NY, February 12, 2004 – The Check Cashers Association of New York (CCANY), in conjunction with the Travelers Express/MoneyGram and the New York City Department of Education, is pleased to announce its 2004 college scholarship program for students in New York City public schools. 

The application deadline for eligible students is March 5^th.

The program, which has awarded over $225,000 to over 125 students during the last eight years, is designed to assist high school seniors with a one-time scholarship award and help make it possible for these deserving students to attend college. Candidates must be recommended by their individual schools to qualify for the scholarship.

As part of this year’s program, one citywide honoree will receive an award of at least $7,500 towards the cost of college and a computer system. First place award winners will receive a minimum stipend of $4,000, second place honorees will receive a minimum of $1,500 and third place winners will receive a minimum of $1,000. There will 16 total scholarships awarded. The money can be used towards the student’s freshman year of study at any accredited two- or four-year college or university.

“This program is one of many ways check cashers give back to their communities,” said Sandy Herman, chairman of the CCANY Scholarship program. “CCANY is proud of the fact that we have helped so many students attend college. These young people are the leaders of tomorrow and come back to help improve the quality of life in their New York neighborhoods.”

Nominated students are selected based on leadership skills in their schools and in the community, financial need, community service and academic achievement. Students qualifying for consideration must have served at least 30 hours of volunteer community service during their senior year and submit a 250-word essay on the rewards of giving back to the community. The CCANY Scholarship winners will be announced on May 11^th at CCANY’s Annual Conference at the New York Marriott Brooklyn Hotel.

Students interested in being considered for the program should speak to their high school guidance counselor.

The Check Cashers Association of New York is a trade organization with more than 500 members representing non-bank financial service centers across New York State. CCANY was founded in 1947 and is the leading voice for the industry in the state. CCANY members provide vital access to essential financial products and services in many neighborhoods. Customers count on CCANY members for check cashing services, money orders, electronic bill payments, money wire transfers, automatic teller machine access, payroll payments, electronic tax preparation, prepaid debit cards, public transportation fare and token sales, postage stamp sales and numerous other services.

According to the New York State Banking Department, CCANY members cashed $14 billion in checks last year. CCANY and its members were recognized in 2001 as the “Check Cashers of the Year” by Cheklist magazine and the Financial Service Centers of America and received a 2003 FiSCA Activa Award for the many community service programs the group provides.

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Note:  Prior to May 2004, the Financial Service Centers of New York (FSCNY) was named the Check Cashers Association of New York (CCANY). Consequently, press releases and articles during that time period reflect the organization's CCANY name.