Money Transfers (Remittances)
|Remittance Transfers (International
|This rule protects consumers who send money electronically to foreign countries in amounts exceeding $15. Specifically, this rule requires credit unions to issue additional disclosures that help consumers better understand the service being provided such as the exchange rate, and any associated fees. The rule applies to all financial institutions that provide more than 100 money transfers to foreign countries each year.|
Effective: October 28, 2013.
More about Remittance Transfers
Consumer Protection Update
• Electronic Banking – Federal Trade Commission
• How to Keep Your Personal Infomation Secure - Federal Trade Commission