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International Remittance Rules
Speaker:  Mary Lou Heighes

January 8, 2013
11:00 a.m. - 12:00 p.m. 
Location:  Your Telephone
Cost:  $129.00 per Telephone Connection

What is a Remittance Transfer?

A remittance transfer means the electronic transfer of funds requested by a sender to a designated recipient that is sent by a remittance transfer provider (including, but not limited to, financial institutions). This includes transfers sent by a natural person in the US to a natural person or business in a foreign country. It applies to accountholders and nonaccountholders and also to transactions (such as wires) that are normally excluded from coverage under Regulation E.


If the credit union chooses to offer wire transfers and ACH or other electronic transfers to foreign countries, it must comply with these new requirements beginning in February:


·        Policies and procedures for resolving errors and maintaining records

·        Disclosures before a transfer is paid for and after receipt of funds, including proper calculation of fees, taxes, charges and exchange rates

·        Consumer rights regarding cancellation of one time and recurring transfers

·        Credit union obligation if a transfer is not received by the recipient; or the dollar amount does not match the receipt given by the sender (including in some cases where the party on the other end charges fees or government taxes)

·        Specific error investigation and notification timeframes.