HARRISBURG, Pa. – Pennsylvania Acting Secretary of Banking William Schenck has authorized an investigation in to the state's check-cashing companies after his office received a report from an advocacy group that showed a series of violations committed by the largest check-cashing chain in Philadelphia, Currency One Inc. Among the violations cited against Currency One were charging more than 12% on some loans (the state's legal limit is 10%) and offers for services such as ATMs and direct deposit the company is not licensed to provide. In addition, the company was cited for not posting fees and making payday loans. Payday loans are illegal in Pennsylvania.
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