New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.2 - Books, records and microfilm

Current through Register Vol. 46, No. 28, July 10, 2024
Every licensee shall maintain the following records and
					 information. All entries therein shall be made in ink, be typed or be available
					 through computer printouts. Records maintained under subdivision (a) of this
					 section may, with the prior written approval of the superintendent, be
					 maintained on microfilm. Approval shall be granted if the superintendent finds
					 that the licensee has the capability of utilizing microfilm in accordance with
					 subdivision (b) of this section. These records must be preserved for at least
					 three years after the date of final entry, and kept readily available for
					 inspection by representatives of the Banking Department.
(a) A "daily record of checks cashed", in
				  which shall be recorded all cash transactions occurring each day. This record
				  shall include the following information with respect to each check, draft or
				  money order cashed in the face amount of $100 or more, and with respect to any
				  number of checks cashed at any one time drawn by any one maker with an
				  aggregate face amount thereof totaling $100 or more:
(1) Date on which the check, draft, or money
				  order is cashed.
(2) Date of the
				  check, draft, or money order.
(3)
				  Number of the check, draft, or money order.
(4) Name and location, or American Bankers
				  Association number, or Clearing House number, of the banking institution on
				  which the check, draft, or money order is drawn.
(5) Name of the drawer of the check, draft,
				  or money order which is cashed.
(6)
				  Name and home or business address of the individual, partnership, or
				  corporation for which such check, draft, or money order is cashed. Where the
				  licensee maintains an index card or computer record showing current home or
				  business addresses of customers, such address need not be repeated for each
				  transaction on individual checks, drafts, or money orders for $1,500 or less.
				  Complete details, including current address, must be recorded individually for
				  each check (other than a payroll check), draft, or money order exceeding
				  $1,500. On payroll checks, the licensee may accept the address of the employer
				  as the address of the employee cashing the check.
(7) Face amount of the check, draft, or money
				  order.
(8) The fee collected for
				  cashing each such check, draft, or money order.
(9) The amount of each bank deposit, recorded
				  in such form as will clearly identify the particular checks, drafts, money
				  orders, or cash included in each such deposit.
Reporting requirements (1) through (8) (paragraphs [1]-[8]
					 of this subdivision) shall not apply to any United States Government, state, or
					 municipal checks or to checks issued by any banking institutions or insurance
					 companies less than $1,500; that is to say all items more than $1,500 are to be
					 individually listed. However, when 10 or more payroll checks, regardless of
					 amount, of any one employer or 10 or more checks, each of which is less than
					 $1,500, of the United States Government or of any state or municipality are
					 cashed during any one day, it will be sufficient for the licensee to retain a
					 duplicate adding machine listing or other record of each group of such items,
					 showing the individual checks and fees charged as well as the total number of
					 such checks cashed, the name of the drawer, the bank on which they are drawn,
					 the total amount of the checks, and the total fees charged. This information
					 need be shown only once in the daily record of checks cashed for each group of
					 such checks cashed. Except for checks cashed at any one time drawn by any one
					 maker with the aggregate amount thereof totaling $100 or more, the licensee
					 shall retain a duplicate adding machine listing or other record of all checks,
					 drafts, or money orders where the face amount thereof is less than $100,
					 showing the face amounts of individual checks, drafts, or money orders, the
					 total amount thereof, and the total fees charged therefor listed on such tape.
					 The information need be shown only once in the daily record of such checks,
					 drafts, or money orders cashed, covered by a separate adding machine listing or
					 other equivalent record. Additionally, when the licensee receives checks,
					 drafts, or money orders in connection with any other business conducted on the
					 premises, a separate record shall be made of such checks, drafts, or money
					 orders, and the nature of the transaction must also be shown.