Syosset-based check-cashing service Pay-O-Matic closes Long Island locations; state agency suspends company's licenses

The New York State Department of Financial Services has suspended the licenses of Syosset-based Pay-O-Matic, a provider of check-cashing and money transmission services, according to a notice on the agency's website.

Pay-O-Matic "has ceased operations," according to the state notice.

Pay-O-Matic posted a letter on its website stating that "after more than 50 years of service to your communities, all Pay-O-Matic check cashing store locations are closed as of September 12, 2025. Additionally, the Pay-O-Matic Bill Payment Network and Pay-O-Matic bill payment services are no longer available either at our branch locations or participating agent locations in New York and New Jersey."

The state agency and Pay-O-Matic could not be reached for comment Friday to explain the closings.

Pay-O-Matic offered "alternative financial services," according to its website, including check cashing, Western Union money transfers, money orders, a prepaid Mastercard and prepaid mobile services. The company's website notes that the prepaid Mastercard will still work. The Mastercard was a pre-loaded debit card that will still work wherever Mastercard debit cards are accepted. No credit check was required. 

Pay-O-Matic's website says it is "New York’s largest provider of check cashing & financial services." The company, founded in the 1950s, allows those without bank accounts to cash checks, pay bills and transmit money, according to FinTech Magazine.

The company  had 107 locations throughout the metropolitan area, including  on Long Island, in Queens and the Manhattan area, according to its store locator. Four have operated on Long Island — in Medford, Coram, Freeport and Carle Place.

The Department of Financial Services advised customers to contact Pay-O-Matic directly or file a report with the department's Consumer Assistance Unit.