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New Jersey Banking Department Issues Warning about Bill-Pay Service.

The Record (Hackensack, NJ)

| April 29, 2004 | COPYRIGHT 2004 The Record. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Richard Newman

Apr. 29--If you paid a utility bill lately through CashPoint, look for your receipt.

The payment may not have gone through.

CashPoint Network Services, a money transmitter, allegedly owes millions to utilities that say they have been stiffed out of bill payments made by customers. On Wednesday, New Jersey warned customers about the company and announced it could lose its license by next week.

The company, owned by brothers Samuel and Bernie Brevdeh, operates from 112 retail shops around New Jersey. Most of locations are inside check-cashing stores in low-income areas.

"Both retailers and consumers alike should be aware that this company may no longer be able to meet its obligations," Holly Bakke, head of New Jersey's Department of Banking and Insurance, said Wednesday in a statement.

According to media reports in New York State, some customers there realized this month that their utility payments were arriving late.

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