What, if any, should be the maximum charge(s) for cashing government checks, payroll checks, and personal checks?
The maximum charge for cashing government checks should be 2% or $3, whichever is greater. The maximum charge for cashing printed (typewritten or computer generated) payroll checks should be 2% or $3, whichever is greater. The maximum charge for cashing all other types of checks (including handwritten payroll checks) should be 7% or $5, whichever is greater. C. Should cashing or advancing money on a postdated check, or deferring presentment or deposit of a check be prohibited? If not prohibited, what, if any, should be: (1) the maximum charge for deferring deposit of checks; (2) the maximum deferral amount; and (3) the maximum deferral period? If not prohibited, should there be a prohibition on, or a limitation on, renewal of deferred deposit transactions upon and after expiration of the original deferral agreement? Deferring presentment of a check should not be prohibited. The cost of “bouncing” a check is high and getting higher. The cash advance services industry is an alternative t
