If you're like most New York residents, you know you'll need to cash a check from time to time—and, more than likely, you've done it at a New York check-cashing business. But what is check-cashing? Why would you need to use a New York check-cashing business? And how can you find one that can offer you the best prices?
The check-cashing industry is very well established in New York. There are over 400 locations of check cashing companies in the state, and these businesses provide a service that is exactly the same as what a bank would provide.
Once you have found the check casher that is right for you, you will have to provide certain information for them to process your transaction. The most important thing to remember is that all check cashing stores have different requirements, so you must always be sure to bring all the necessary documentation. You will also need to bring your social security card and a photo ID.
Before you choose a location to cash your paycheck in New York, you should do some research. While the first thing you probably want to know is which locations offer cashing services, you'll also want to find out which locations have good customer service, which locations are conveniently located near you, and which locations have the best rates.
The check-cashing industry is a vast one, with thousands of lenders in the US. The biggest players are the banks and credit unions, which the federal government regulates, but it doesn't stop there. For example, there are over 13 check cashing companies in New York alone, including storefront and online-only companies, of varying sizes and quality.