Check Cashing & Coin Conversion Industry Overview

Companies that provide services such as payroll and other check cashing; money orders and funds transfer; and coin counting, wrapping, and exchange in return for paper money or vouchers.

Summary

The check-cashing industry may have been getting a bad rap.  The industry claims it serves the “unbanked.” Critics assert that it preys on the poor (customers typically have an annual household income of less than $25,000).

Full Check Cashing & Coin Conversion Industry Description

Industry Consolidation

In the past 10 years, the number of commercial banks in the US dropped by almost 30 percent. Large economies of scale in banking operations have encouraged consolidation, which has produced several dozen very large banks with more than $50 billion in assets. Smaller banks are still able to thrive by providing personal attention smaller customers don't get from large institutions.

Full Check Cashing & Coin Conversion Industry Trends

• Dollar Financial Corp.
• Travelex Holdings Limited
• Ace Cash Express, Inc.

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Check Cashing & Coin Conversion maps to a number of NAICS codes including:

Full Check Cashing & Coin Conversion Industry Codes