Overview

Financial Service Centers of America (FiSCA), is a professional trade organization representing an expanding industry of financial services providers in local communities across the country. FiSCA was originally established in 1987 as the National Check Cashers Association (NaCCA), changing its name in 1999 to reflect the evolution of the business.

The profession in the U.S. is composed of approximately 11,000 neighborhood financial services centers, which cash upwards of 180 million checks annually with an aggregate face value of more than $55 billion. In recent years, as a broader spectrum of consumers have sought increased financial service convenience, including flexibility of hours and faster delivery of financial services, community-based financial service centers have proliferated.

Financial service centers provide fee-based services to consumers. Many consumers seek immediate use of their money and are unwilling to wait until a check clears through the banking system. Consumers also appreciate the range of services FiSCA members provide in an easy to access format that meets their needs for convenience and value.

Expanded Community Financial Services

The financial service center industry started with a simple idea. Provide an easy way for hard working people to convert paychecks into cash within a short walk from their homes or jobs. Over the years our businesses have broadened to offer a wide array of financial services. Customers now count on FiSCA members for money orders, electronic bill payments, money wire transfers, automatic teller machine access, government benefit and payroll payments, deferred deposit services, electronic tax preparation, prepaid debit cards, deposit acceptance services, public transportation fare and token sales, motor vehicle license plate and title distribution, postage stamp sales and numerous other services.

FiSCA members are continually expanding the roster of services offered to meet customer needs. Just as the services offered by the industry have expanded over time, the markets we serve have broadened. Traditionally FiSCA members were concentrated in lower income neighborhoods, serving and hiring residents of these communities. More recently as middle income consumers have demanded more convenient financial services, financial service centers have expanded into their communities. Indeed, the greatest growth of the industry can be seen in the suburban market.

While financial service center businesses touch the lives of millions of Americans, misconceptions still exist about our industry, the services we provide and the consumers we serve. A sign that progress is being made at overcoming these myths is in the growing number of partnerships between FiSCA members and banks and credit unions. These partnerships create a cost effective way for traditional deposit services to be made available in underserved communities. FiSCA supports these ventures and is working to educate state and federal regulators about the exciting opportunities that these ventures open to consumers.