Check Clearing Services

September 29, 2016

Check clearing services help money service businesses at every step of the check cashing process. To better serve their MSB clients, National Check and Currency offers a comprehensive suite of check clearing services. These supported services include POS systems, Remote Deposit Capture, compliance support, and a variety of methods for accessing the cleared funds.

A Closer Look at Check Clearing Services

Remote Deposit Capture (RDC) technology allows a check casher to scan a check quickly, right when it is handed over by the customer. NCC’s RDC software can be installed at each check cashing merchant location worldwide and allows the staff to scan customer checks in electronic batches. These batches are verified, uploaded, and delivered securely via the web.
Through RDC and POS technology, both the check cashing bank and the check cashing manager can see every transaction at any point in time for every location. NCC’s client, Jagdeep Hans owns and operates 4 MSB locations for Olney FInancial Services in Philadelphia and Darby, Pennsylvania.
Jagdeep remarks, “I am able to get a clear view of every transaction for each location from my office, which is extremely valuable. This transparency and depth of information strongly supports money service business compliance efforts.”

Check Processing and Availability of Funds

Check clearing services also include methods for clearing funds and making them accessible to the money service business and their client. Cleared check funds can be returned to the client in one of three ways:

  1. Automated Clearing House (ACH)
  2. Wire Transfer
  3. Armored Cash Logistics

National Check and Currency gives their check cashing clients the ability to transfer funds via ACH, depending on the urgency and/or value of the funds. ACH transactions are often settled within forty-eight to seventy-two hours, granting money service businesses quicker turnaround for the funds.
The second method for returning funds to the client, wire transfer, is made possible through NCC’s MSB friendly banks. These banking partners facilitate both domestic and international wire transfer for clients. The third option, armored cash delivery, enables check cashers to access their funds on the same day, without having to pay costly bank fees.

How Check Clearing Services Support MSBs

NCC clients Dwight and Bob have hands on experience using check clearing services as a part of their MSB banking. This father and son team works together to run their family business, Financial Service Centers in Norwalk, CT. Their check cashing business has been open for 26 years, and they both work directly with their clients, day in and day out.
As their business has evolved, their services for check cashing clients have expanded to include bill payment, money transfer, tax preparation, and gift card redemption in addition to their core business.x
After banking with Wells Fargo for over 20 years, they were disappointed to learn that the bank would no longer let them cash checks from businesses. Since many of their clients own businesses within the community and rely on their check clearing services, turning them away was not an option. Bob found NCC during his search for check cashing banks and reached out to them right away.
Bob notes, “Finding NCC during this bad time for our business allowed us to land on our feet.” Financial Service Centers continues to serve their community with check clearing services and cash business checks for their longtime clients.

Benefits for Check Cashers

Bob and Dwight enjoy the many benefits of using National Check and Currency’s check clearing services:

  1. Weekend deposits are available by 9:00am ET, each Monday.
  2. No CD’s, Surety Bonds or long-term fixed collateral are required.
  3. No limits are placed on the amount or type of items deposited.
  4. Check instruments must be drawn on a U.S. bank and denominated in U.S. dollars.

Fellow NCC client Eric Bell has been running The Check Cashers Inc. in Philadelphia, PA since 1990. He turned to NCC when his long standing check cashing banking relationship was terminated by his bank of 19 years.
As a wholesaler, Eric’s check clearing services were unfairly deemed especially risky by banks. Because of this, finding NCC was a huge breakthrough for his business and allowed Eric to keep operating in the most lucrative area of his business.
Eric affirms that “the check cashing industry today is all about compliance.” NCC makes his job easier by being on top of check cashing compliance and staying ahead of Federal regulation. As the check cashing market shrinks in the face of direct deposit and an increased pressure to become a cashless society, Eric has his eyes set on expanding his market share. To achieve this goal, he continues to innovate and offer a wide range of check cashing and specialty services for his clients.
Are you a check casher looking for a real MSB bank account? Reach out to our experts today to learn how we can support your money service business.

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