States may define money service businesses in different ways, but in general a money service business is one that offers things such as check cashing, foreign currency transmittal or the issuing of money orders or traveler’s checks. A business may be defined as an MSB even if its money services are not the focus of the business, such as convenience store which also issues money orders. Most MSBs have to be registered and licensed in their respective states, and MSBs must also meet federal filing requirements. There are many money service businesses across the United States.
Check ‘n Go
Check ‘n Go is based in Cincinnati, Ohio, but has locations in many other states. Check ‘n Go also provides some services online. Check ‘n Go performs check cashing, payday loans, installment loans and car title loan services, as well as issuing pre-paid debit cards. Installment, payday advance and car title loans can be done both in-store and online in some states, while check cashing and debit cards have to be done in person. Customers can also make loan payments through the Check ‘n Go website.
ACE Cash Express
ACE Cash Express has a large number of locations and has many financial services. In addition to check cashing, payday loans, pre-paid debit cards and car title loans, customers at ACE can also make bill payments, purchase money orders, make money transfers, buy auto insurance, sell gold or receive help with their tax returns and tax refund checks. Tax preparation can be done either at a store location or online. Customers can also get their pay checks or benefits checks direct deposited onto an ACE debit, check or payroll card.
Moneytree focuses mostly on loans and check cashing. Customers can get cashier’s checks, business checks, payroll, personal and two-party checks, tax checks, money orders and insurance drafts all cashed at Moneytree locations. Customers can also buy money order, pay bills, apply for payday loans or send and receive money through Western Union.
Pay-O-Matic is a New York money service business. The company also handles check cashing and is able to pay out payroll, government, insurance, income tax and small business checks. Pay-O-Matic can make money transfers and issue money orders through Western Union, set up pre-paid debit cards and issue customers New York City MetroCards and New York State E-ZPasses.