PAYNET EXPANDS TO NJ AND CONN, CREATING LARGEST CHECK CASHING NETWORK IN TRI-STATE AREA

NEW YORK, NY, October 28, 1999 -- Cashing an employee payroll check in the Tri-state area just got a little bit easier as the Check Cashers Association of New York (CCANY), expanded its PayNet payroll service network into neighboring Connecticut and New Jersey, creating the region’s largest such network with over 582 locations.

Introduced in 1996 to the metropolitan New York area, PayNet enabled banks and large employers to out-source their check cashing needs, while it provided employees the opportunity to cash payroll checks at a convenient location near work, home or anywhere in between.

Today, there are 507 PayNet locations in New York City, Long Island, Westchester and Rockland County. The expansion to Connecticut and New Jersey, will add an estimated 75 new locations to the network, making it one of the largest in the Tri-state area.

In addition to check cashing and debit access, all PayNet locations offer a full range of ancillary services such as money orders, utility bill payments, wire transfers, purchase of pre-paid telephone cards and MetroCards.

"PayNet offers greater efficiency and convenience in meeting the payroll needs of banks, large employers, and the employee who wishes to cash a payroll check with the least amount of hassle," CCANY President James Eustace said. "The expansion of this highly successful program to our neighboring states was the next logical step, and the check cashing associations there were most helpful in making this a reality."

CCANY represents over 500 licensed check cashers in New York State. The state’s check cashers charge the lowest fee in the country and are regulated by the New York State Department of Banking.