Some members of the campus community are asking why the university discontinued its check-cashing service at the ASB Cashier's Office and the Bookstore's Cougar Cash as of Feb. 1.
"For many years, as an accommodation to students, faculty and employees, BYU offered check-cashing services at both locations," said Mac Hafen of BYU Financial Services. "The service was offered as a convenience to individuals who needed to withdraw cash from their personal bank accounts or to cash checks issued to them by BYU."
For several years now, seven ATMs at the WSC have provided convenient access to cash and other types of financial transactions, with participation by Wells Fargo Bank, Zions Bank and Utah Community Credit Union. "These ATMs are connected to ATM networks with access to most financial institutions," said Hafen.
In addition, last November BYU contracted with Wells Fargo to open a full-service branch in the Bookstore.
Because most of the check-cashing services provided at the ASB and the Bookstore duplicate those services now provided by the ATMs and the Wells Fargo branch, BYU made the decision to discontinue its check-cashing service. This change will eliminate the legal, financial and administrative costs previously borne by the university in providing these services.