|
|
West Virginia Division of Banking 1900 Kanawha Boulevard, East Building #3, Room 311 Charleston, WV 25305-0240 |
Phone: (304) 558-2294 Fax: (304) 558-0442 Our regular Business hours are: 8:30am to 4:30pm M-F Eastern Std. |
CHECK CASHING In West Virginia, no one may assess a fee for providing a check cashing service unless such powers are specifically provided by state law. Check cashing activities that generate fees are permissible for the following entities:
Merchants primarily in the business of making retail consumer sales may offer check cashing services at stores to accommodate customers in the ordinary course of business, and may collect a fee for the service as long as the check cashing service and any fees charged are incidental (less than or equal to 5% of gross revenue) to the primary business of the merchant. Fees charged in connection with check cashing services may not exceed the greater of $1, or 1% of the face value of the check cashed. Merchants may not, in connection with providing check cashing services, agree to hold checks submitted to them for deposit at a later date for the purpose of providing a loan of money and deriving profit therefrom. Activities Requiring Licensure Merchants deriving more than 5% of gross revenues from cashing checks must obtain the proper license. Persons holding a currency exchange, currency transmission or currency transportation may in conjunction with their licensed business engage in the business of check cashing in West Virginia. Fees charged in connection with check cashing services may not exceed the greater of $1, or 1% of the face value of the check cashed. The following documents are viewable with Microsoft Word Viewer or Adobe Acrobat.
$50,000 plus an additional $25,000 for each additional authorized delegate location within the State of West Virginia. The maximum net worth required is $1 million. Bond or Deposit Requirement The Bond or alternative Deposit of Securities required is $100,000 plus an additional $25,000 for authorized delegate location within the State of West Virginia for entities engaged in Check Cashing. The maximum bond or deposit required is $1 million. Designation of Principals Applicants must identify those persons who are principals. Principals are defined as a licensee's owner, president, senior officer responsible for the licensee's business, chief financial officer or any other person who performs similar functions or who otherwise controls the conduct of the affairs of a licensee. A person controlling 10% or more of the voting stock of any corporate applicant is a principal. Each principal of the Applicant is subject to a background investigation and must furnish fingerprints unless exempted under state law pursuant to Chapter 31A, Article 2, Section 4(b)(4). West Virginia Division of Banking State Capitol Complex Building 3, Room 311 1900 Kanawha Boulevard East Charleston, West Virginia 25305-0240 | |||||||||
| ©1999 West Virginia Division of Banking. All Rights Reserved. |
