Search
  • Topics
    • Politics & Government
    • COVID-19
    • Housing and Homelessness
    • Health and Environment
    • Justice
    • Economy
    • Education
    • Transportation
    • Opinion
    • Immigration
  • Jobs
  • En Español
  • Events
Menu
  • Topics
    • Politics & Government
    • COVID-19
    • Housing and Homelessness
    • Health and Environment
    • Justice
    • Economy
    • Education
    • Transportation
    • Opinion
    • Immigration
  • Jobs
  • En Español
  • Events

2023 Gala

Sign up to Newsletters

Donate
  • Topic
    • Politics & Government
    • The Coronavirus Crisis
    • Housing and Homelessness
    • Health and Environment
    • Justice
    • Economy
    • Education
    • Transportation
    • Opinion
    • Immigration
  • Investigations
  • Special Projects
  • En Español
  • Newsletters
  • Podcasts & Video
  • CLARIFY
  • Jobs
  • About Us
  • Climate Change & NYC
  • Mapping the Future
  • Una Ciudad sin Límites
Menu
  • Topic
    • Politics & Government
    • The Coronavirus Crisis
    • Housing and Homelessness
    • Health and Environment
    • Justice
    • Economy
    • Education
    • Transportation
    • Opinion
    • Immigration
  • Investigations
  • Special Projects
  • En Español
  • Newsletters
  • Podcasts & Video
  • CLARIFY
  • Jobs
  • About Us
  • Climate Change & NYC
  • Mapping the Future
  • Una Ciudad sin Límites
Search
Close this search box.

Sign up to Newsletters

Donate
  • Housing & Homelessness
  • Climate Change & NYC
  • Una Ciudad sin Límites
  • CLARIFY
  • NYC Shelter Count
Menu
  • Housing & Homelessness
  • Climate Change & NYC
  • Una Ciudad sin Límites
  • CLARIFY
  • NYC Shelter Count
Youtube Twitter Facebook
Donate
Search
Close this search box.

Sign up to Newsletters

Support
Subscribe

Colin Lenton

Above, a check-cashing outlet in Red Hook.

Andrew Siegel

Andrew Siegel is the president of Financial Service Centers of New York

banking

CityViews: Check-Cashing Industry Takes Issue With our Reporting on the Un-Banked

Andrew Siegel | January 13, 2017

The article “Why are so Many New Yorkers Still Under-Banked” (01/06/17) should have been titled “How to Disseminate Misinformation about an Entire Industry and Get Away With It.” The article has an aura of accuracy, without understanding the nuances of the subject, the financial climate pertaining to the issue, and the consumers that the article claims to speak on behalf of. It is terribly wrong and misguided to lump and compare pawnshops, which are businesses with very little regulatory oversight (and which offer loans against items of value), with the check cashing industry – which has been since its statutory creation in 1944 one of the most highly regulated financial industries in the State of New York. In fact, New York’s check cashing industry is not involved in loans. Where pawnbrokers are allowed to charge monthly rates of up to 25% and an additional service charge of 20%, check cashers are only allowed to charge a strictly enforced fee of 2.01% per check cashing transaction, as dictated by law.

THE JOB BOARD

City Limits uses investigative journalism through the prism of New York City to identify urban problems, examine their causes, explore solutions, and equip communities to take action.

Founded in 1976 in the midst of New York’s fiscal crisis, City Limits exists to inform democracy and equip citizens to create a more just city. The organization is a 501(c)(3) nonprofit funded by foundation support, ad sponsorship and donations from readers.

About Us
  • Our Impact
  • Our Standards
  • Reprint Policy
  • Contact Us
  • Send A Tip
  • NYC Tool Kit
  • Support
  • Our Supporters
  • Advertise
  • Get Involved
  • 2023 Gala
  • Events
  • Privacy Policy
Topics
  • Politics & Government
  • COVID-19
  • Housing & Development
  • Health & Environment
  • Justice
  • Economy
  • Education
  • Transportation
  • Opinion
  • Immigration
Podcasts
& Video
  • Max & Murphy
  • The Check In
  • El Diario Sin Limites
CLARIFY
  • About CLARIFY
Sign up to Newsletters

© Copyright 2023, City Limits

Youtube Twitter Facebook
Search
Topics
  • About Us
  • Our Impact
  • Contact Us
  • Our Supporters
  • About Us
  • Our Impact
  • Contact Us
  • Our Supporters
Newsletters
  • The Weekly
  • Mapping the Future
  • City on the Edge
  • Una Ciudad sin Limites
  • CityVote
Podcasts
& Video
  • Max & Murphy
  • The Check In
  • El Diario Sin Limites
CLARIFY
  • About CLARIFY
Jobs
Featured

City’s Houses Of Worship Gear Up to Shelter Asylum Seekers

  • Investigations
  • Special Projects
  • En Español
  • About Us
  • Our Impact
  • Contact Us
  • Our Supporters

Support City Limits

Support local, investigative journalism that has informed and empowered New Yorkers for 45 years.

Donate Now
About Us
  • Our Impact
  • Our Standards
  • Reprint Policy
  • Contact Us
  • Send A Tip
  • NYC Tool Kit
  • Become a member
  • Our Supporters
  • Advertise
  • Get Involved
  • Events
  • Media Kit
  • Privacy Policy
  • Annual Report

Support City Limits

Support local, investigative journalism that has informed and empowered New Yorkers for 45 years.

Donate Now