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Check Cashing Services - Financial Regulation

What is a check cashing service?

A check cashing service gives you cash for a check.
They keep a fee and give you the rest of the money.
Some stores offer this service when you buy goods.
Banks and credit unions may also charge a fee to cash a check.

Your rights under Maryland law

Most check cashing businesses in Maryland must be licensed or registered with the Office of Financial Regulation.

This licensing requirement helps protect consumers and ensures fees follow state law.

Fee limits in Maryland

Licensed Check Cashers

The fees they may charge are as follows:

  • Government checks: up to 2% of the check or $3, whichever is greater
  • Personal checks: up to 10% of the check or $5, whichever is greater
  • Other payment instruments: up to 4% of the amount or $5, whichever is greater
  • A one-time membership fee: up to $5

Registered Check Cashers

Check cashers who are registered, rather than licensed, may cash checks only when it is connected to the sale of goods or services. An example is a grocery store that allows you to pay for a purchase by cashing a check that is larger than the amount of the purchase. They may charge fees up to 1.5% of the check amount or $1, whichever is greater.

Important consumer protections

Licensed or registered check cashers must:

  • Clearly post their fees in large print, which helps you understand the cost before you cash a check.
  • Display the phone number for the Office of Financial Regulation, so you know who to contact if you need to file a complaint.

Check before you cash

Before you work with a check cashing business, always confirm that the business is licensed or registered.

To search for licensed or registered businesses, simply visit: Nationwide Multistate Licensing System (NMLS) Consumer Access webpage.

Have questions or concerns?

If you have questions, think you were overcharged or treated unfairly, contact:

Maryland Office of Financial Regulation
Website: www.labor.maryland.gov/finance/consumers
Phone: 410-230-6077
Email: [email protected]