NEW YORK – Melrose CU, one of a handful of area credit unions that specialize in financing New York taxi cabs, has joined a program that allows underbanked consumers to deposit cash and checks at dozens of locations throughout the city. Under the PayNet Deposit program, as many as 4,000 cab drivers who are members of the $900 million credit union may deposit their fares during or after their shifts at 150 check cashing outlets and credit union branches. The check cashing outlets are particularly convenient because they are open 24 hours a day. The PayNet outlets are fully manned. At least four credit unions, including Melrose CU, and six check cashing companies participate in the program.
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