Financial Service Centers of New York Sponsors Scholarship Program
for College-Bound Students

(NOTE: Deadline extended to Friday, March 25, 2005)

NEW YORK, NY, February 16, 2005 -- The Financial Service Centers of New York (FSCNY), formerly the Check Cashers Association of New York, in conjunction with Travelers Express/MoneyGram, is pleased to announce their 2005 scholarship program for New York City college-bound students, “Rewarding Young Leaders in Our Community.”

The application deadline for eligible students is March 16^th.

FSCNY’s scholarship program awards one time cash grants to outstanding high school seniors using the following selection criteria: a commitment to community service, perseverance in the face of significant obstacles, leadership skills in school, financial need and academic achievement as selection criteria. One winner and two runners-up will be selected from each borough where possible.

“This program is one of many ways check cashers give back to their communities,” said Sandy Herman, chairman of the FSCNY Scholarship program. “FSCNY 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.”

In 2004, FSCNY and Travelers Express/MoneyGram awarded $40,000 to some of New York’s brightest future leaders. Now in its tenth year, the FSCNY college scholarship program has helped 107 deserving students attend Ivy League and other selective universities and colleges. In total, over $250,000 in scholarships have been awarded.

The FSCNY Scholarship First place award winners will receive a minimum stipend in the amount of $4,000 toward the cost of their freshman year of study at an accredited two or four-year college or university.  Second place award winners will receive a minimum of $1,500.  Third place award winners will receive a minimum of $1,000.  This year, once again, FSCNY and Travelers Express/MoneyGram will also select one (1) citywide honoree to receive a one-time award of at least $10,000, recognizing the Program’s 10^th anniversary, towards the cost of college and a computer system.

After the initial review of all applications the finalists will be selected and notified of the interview schedule. Finalists will then be interviewed by the FSCNY - Travelers Express/MoneyGram Scholarship Program Committee on Wednesday, April 13, 2005 on Tuesday, April 19, 2005 and Wednesday, April 20, 2005 at 10 East 40^th Street – Suite 1308, New York, New York. Students will be notified of their awards by letter, on or about May 2, 2005.

The first-place scholarship recipients will receive their awards at FSCNY’s Twelfth Annual Conference luncheon, to be held at the Brooklyn Marriott Hotel on Tuesday, May 10, 2005.

Applications can be found on-line at http://www.fscny.org/scholar.htm or requested by calling Hank Shyne, Executive Director of FSNCY at
(212) 268-1911.

FSCNY is a trade organization with more than 500 members representing non-bank financial service centers across New York State. FSCNY was founded in 1947 and is the leading voice for the industry in the state. FSCNY members provide vital access to essential financial products and services in many neighborhoods. Customers count on FSCNY 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, FSCNY members cashed $14 billion in checks last year. FSCNY and its members were recognized in 2001 as the “Check Cashers of the Year” by Cheklist magazine and the Financial Service Centers of America (FiSCA) and received a 2003 FiSCA Activa Award for the many community service programs the association provides. In total, FSCNY members and partners have donated over a half-million dollars to deserving New Yorkers through the FSCNY scholarship, school uniform, and other community service programs.

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