Tips & Topics - Banking
Banking Overview
Did You Know?
Effective March 2, 2009, the maximum fee you may be charged by a check casher in New York State is 1.82 percent of the face value of the check. Cashing a $100 check? Your maximum fee is $1.82.
The New York State Banking Department operates a toll-free hotline (1-877-BANK-NYS) for banking-related questions.
Establishing a relationship with a bank or credit union may allow you to establish credit, build wealth and participate in the U.S. financial system.
Many resources are available to help you understand your banking options and to make a decision that is right for you. The New York State Banking Department offers guidance on what you need to know about opening a bank account, which you may find helpful.
The New York State Consumer Protection Board also provides helpful resources for consumers on banks and banking to help them take advantage of financial services and maximize cost effectiveness.
In New York City, Manhattan Borough President Scott Stringer spearheaded an initiative aimed at helping New York City’s residents hold onto more of the money they earn. Bank On Manhattan connects people without a bank account to financial services and provides opportunities to access financial education resources within specific communities, covering topics such as basic account management skills, saving, budgeting, and avoiding financial pitfalls. Through partnerships with a coalition of retail banks, community groups and regulatory agencies, Bank On Manhattan (which is also available in Spanish) aims to provide an alternative to costly financial services.
In this section of Your Money New York, the following topics are covered:
- Introduction to Bank Services
- Choosing a Bank
- Deposit Insurance Basics
- Check Cashing
- Overdraft and Bounce Protection
Next: Introduction to Bank Services