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New York Raises Check Cashing Fees

Perficient

Effective February 26, 2021, New York State has increased the maximum fee that check cashers in New York State may charge. For cashing a check payable to a recipient of Supplemental Security Income pursuant to Subchapter XVI of the Social Security Act, 42 U.S.C. The increase is to 2.27 1381 et seq.,

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Today In Payments: Wirecard Files For Insolvency; New York To Ease Cryptocurrency Regulations

PYMNTS

In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. New York To Ease Cryptocurrency Regulations. Plus, California seeks a court order to make Uber and Lyft classify drivers as employees. Wirecard Files For Insolvency, Seeks Court Protection.

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Fraudsters ‘Flourishing’ On Zelle, New York Times Reports

Bank Innovation

Bank P2P service Zelle is having some issues with fraud, with some customers reporting that hackers, exploiting weaknesses in the platform, had cleaned out their bank accounts: even if those customers had never used, or head of Zelle, according to a New York Times report this weekend.

New York 275
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Retailer New York & Co. Will Likely File For Bankruptcy

PYMNTS

The parent company of New York & Co. , said in its filing with the Securities and Exchange Commission (SEC) that there’s “substantial doubt” about its ability to do business, bankruptcy is “probable” without seeking bankruptcy protection, and “it does not have ability to raise additional capital at this time.”

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NY AG sues Citi over denied fraud claims

Payments Dive

“If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.

New York 221
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New York Grand Jury Looking Into Facebook’s Data Sharing Agreements

PYMNTS

Facebook is the subject of a criminal investigation by federal prosecutors over the data deals it inked with some of the biggest technology companies, reported The New York Times. Facebook has been working to remove the partnerships during the past two years, reported The New York Times. Privacy advocates contend it does.

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New York now requires banks to report ransom payments

American Banker

The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.