Although no official announcement from the company has been made, it looks as if check cashing giant Pay-O-Matic has ceased operations after 50 years in business and the future of over 100 locations across the five boroughs, including 37 across The Bronx remains uncertain.

 

A website announcement by NYC Department of Financial Services (DFS) in mid-September read, “On Sept. 13, the Department suspended Pay-O-Matic’s license after it ceased operations. The Department has lifted that suspension and approved reopening locations under this agreement, while Pay-O-Matic and Western Union work through a potential acquisition.”

 

Norwood News reached out to DFS to find out if Pay-O-Matic’s suspension had to do with filing for bankruptcy or some other issue. We were informed the information sought had to be obtained through a Freedom of Information Law (FOIL) request, which we have since lodged and will share any feedback we receive.

 

All Pay-O-Matics were shuttered for at least a week between Tuesday, Sept. 16 and Tuesday, Sept. 23. During that time, customers were precluded from performing tasks like paying bills, obtaining money orders, and transferring money via Western Union in a borough which has seen more than its share of conventional bank closures in recent years.

 

Customers visiting the Pay-O-Matic located in Norwood on Sept. 16 discovered the business shuttered and the young man who often holds the door for customers for spare change was found sleeping in the doorway. A sign in the windowed glass door read, “Western Union services are temporarily unavailable at this location.”

 

Similar signs were found at locations at 1908 Cross Bronx Expressway in Parkchester, and at 664 and 890 East Tremont Avenue in West Farms. On Monday, Sept. 22, a notice in the window of the Pay-O-Matic located at 1908 Cross Bronx Expressway Service Road read, “To our valued customers, we regret to inform you that after more than 50 years of service to your communities, all Pay-O-Matic check cashing  store locations are closed as of Sept. 12, 2025.”

 

Some of the businesses were back open on Thursday, Sept. 25, a day after DFS lifted the suspension. Norwood News asked a woman behind the counter at 11 East Gun Hill Road the reason for the closure. “There’s nothing I can tell you because I don’t know, myself,” she said, adding that she would be celebrating 16 years with the company in November.

When we suggested it might be possible the business would survive in light of the acquisition talks, she replied, “I hope so.” On Friday, Sept. 26, Norwood News asked a representative at Pay-O-Matic’s executive and administrative headquarters in Syosset, N.Y. to comment on the impending closure. “So, at this moment, we’re not providing any comment,” she said.

 

On Saturday, Sept. 27, the Pay-O-Matic located at 11 East Gun Hill Road was still only performing some transactions. Norwood News asked an elderly female customer if she was inconvenienced by the closure. “I had to go back home on Sunday,” she said. “I came, I pushed the door, but nobody was there.”

 

The woman later left unsatisfied as she was apparently unable to put money to her debit card. On Saturday, Oct. 4, Norwood News asked a male employee who said he has worked at 11 East Gun Hill Road in Norwood for the last four years if he was concerned about his job. “A little bit,” he replied.

 

On Sunday, Oct. 5, a spokesperson for Western Union told Norwood News, “Western Union is coordinating with Pay-O-Matic to re-open its stores while we work through a potential acquisition to make Pay-O-Matic a permanent part of the Western Union family.”

 

The spokesperson added, “This ensures the continuation of Pay-O-Matic’s 50-year legacy serving its customers and communities. We look forward to welcoming customers back to Pay-O-Matic stores and providing the same level of service they’ve come to know and trust.”

 

On Saturday, Oct. 11, a street peddler outside the Pay-O-Matic branch located at 890 East Tremont Avenue alleged a Pay-O-Matic employee told him Western Union had reached a deal with Pay-O-Matic. Norwood News asked an employee at the location about the claim but the person had not heard of any agreement.

 

On Tuesday, Oct. 15, Norwood News asked a female Pay-O-Matic employee for the last two years if she knew if the situation had been resolved. “I’m not sure,” she said. “They haven’t told us anything yet.” She added that about five other employees work at the same location.

 

Norwood News also reached out to Manhattan-based private equity firm, Founders Equity Inc., which, according to the website American Banker, purchased Pay-O-Matic in 2008. We did not receive an immediate response to our request for a comment on the closure. We will continue to monitor the story as it continues to develop.

A Western Union logo was seen outside the Pay-O-Matic store on East Gun Hill Road and Jerome Avenue on Thursday, Oct. 16.

 

Customers who have questions can contact PAYOMATIC customer service: www.payomatic.com/contact-us. Customers who are unable to resolve their issues with PAYOMATIC can file a complaint with the NYC Department of Financial Services’ consumer assistance unit on (800) 342-3736.

 

For some related coverage, click here, here, here, here, here, here, here, and here.