Connecticut State Banking Commissioner John P. Burke announced today the suspension of the license for the CashPoint Network Services Inc., effective immediately. CashPoint, a money transmitter, operates across Connecticut and other states. The company's agents accept utility-bill payments from consumers and then forward these payments to the utilities. CashPoint has been operating in Connecticut since December of 1999.

The corporation's license is suspended pending a hearing by the Banking Department on the continued suspension, reinstatement or revocation of CashPoint Network Services, Inc.'s license. The Connecticut Department of Banking began an investigation of CashPoint's financial situation when it learned the New York State Department of Banking issued an order temporarily suspending CashPoint's license for failure to pay $13 million owed to a New York Bank.

Commissioner Burke stated that customers who have used CashPoint should retain their receipts and contact their creditor if they do not believe their accounts have been properly credited for past payments. If a consumer has a complaint or inquiry concerning an action of CashPoint, please contact Deborah Buckley of the Connecticut Department of Banking at 860 240-8187. Please find a copy of the suspension order attached.