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ABOUT NEW JERSEY
FINANCIAL SERVICE CENTERS
The New Jersey Financial Service Centers (NJFSC), formerly named New
Jersey Check Cashers Association, is the state association of
community financial service centers in
New Jersey.
NJFSC was originally established in 1979 as the New Jersey Check
Cashers Association, but recently changed its name to reflect the
evolution of the business. Since it’s inception, NJFSC has been the
leading voice on legislative, regulatory and business issues that
affect its members and the rights of New Jersey citizens to access
basic financial services.
Services Offered by NJFSC Members
The financial service
center industry started as check cashers converting customer
paychecks into cash. Consumers have turned to check cashers for the
convenience of immediate access to their wages and other funds.
In many areas under-served
by traditional banks, check cashers have become the primary source
of financial services and products in the neighborhoods that they
serve. Over the years, check cashers have broadened their services
to include a wide array of other financial services.
In addition to check
cashing, customers now utilize NJFSC members for:
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money orders
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electronic bill payments
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electronic funds
transfers
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automatic teller machine
access
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government benefit and
payroll payments
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tax preparation
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prepaid debit cards
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public transportation
tickets
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New Jersey lottery
tickets
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stamp sales, and
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numerous other
services.
NJFSC customers appreciate
that we deliver a broad range of services and products at
conveniently located locations and hours of operation throughout New
Jersey. We are proud to offer convenience, service and value – and
an easy alternative to traditional banks.
PayNet Network
PayNet is a
network that uses the infrastructure of licensed check cashing store
locations in the tri-state area to connect workers to their pay in
neighborhoods near their homes and jobs.
PayNet is a joint
venture between leading banks, employers and the financial service
center industry to meet a basic need for workers in the region to
have quick and convenient access to their pay. For ten years, PayNet
has provided employers throughout New York, New Jersey and
Connecticut with creative and convenient payroll services, while
cashing hundreds of thousands of employee paychecks.
PayNet reduces
traffic at banks during busy periods, while it enables employers to
offer employees an option to direct deposit. For employees, the
service is free and means they have much great flexibility to
collect their pay.
PayNet, created
in 1994, represents a combined effort of more than 500 licensed
check cashing locations in New Jersey, New York and Connecticut.
Through PayNet, businesses outsource portions of their payroll
services and all of their check cashing requirements. By handling
marketing, contracting, administration and billing, PayNet offers a
service that links the combined resources of 500 neighborhood
financial service centers. PayNet enrolls employers who would like
to offer citywide or regional payroll services to their employees.
Once an employer
joins PayNet, employees can use any of the more than 500 PayNet
outlets to cash payroll checks free of charge at locations close to
work, home, or anywhere in between. The financial service centers
that act as PayNet locations also provide a multitude of
transaction-based financial services. In addition to check cashing,
customers can buy money orders, send and receive money transfers,
and pay bills such as telephone, gas, electric, and cable. Postage
stamps, phone cards and transportation fare cards, are also
available at select locations.
Learn more about
PayNet
NJFSC Professional Staff
Gerald
Goldman, General Counsel
Scott K. McClain, Deputy General Counsel
Roman Vaccari, Esq., Winne Banta Hetherington Basralian & Kahn
Lois Masino, Executive Assistant
NJFSC Officers
Glenn
Stevens, President
Richard Klein, Vice President North Jersey
Arthur Roth, Vice President South Jersey
Jill Shulman, Secretary
Irwin Sablosky, Treasurer
NJFSC
Board of Directors
Michael J.
Avallone
Carl Ippolito
Marc Jacobs
Bart Lockward
Joseph LoPresti
Jose L. Fernandez, Jr., Past President
Check Cashers Are Good Bank Customers
Check cashers are successful businesses
and partners who distribute financial
services to many under-served communities.
This
brochure is designed to
acquaint bankers with the check cashing business.
It reviews products and services offered, who check cashing
customers are, explaining
that Check Cashers do not launder money, and dispelling other
misperceptions about check cashers.
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