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#2004407 - 03/26/15 07:25 PM INTERNATIONAL REMITTANCE
fnblikdd Offline
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Joined: Apr 2013
Posts: 15
NY
Are International Remittances (Foreign Wires) covered by Reg. E and more specifically if we were to increase our fee for this service would we have to notify the consumer 21 days in advance of the increase?

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Remittance Transfer Rule
#2004417 - 03/26/15 07:37 PM Re: INTERNATIONAL REMITTANCE fnblikdd
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,367
Illinois
The required notice of change in 1005.8 is in subpart A of the regulation and applies to required Reg E disclosures as described in 1005.7.

Remittance transfer disclosures are not covered in 1005.7. They are found in 1005.31. A wire transfer fee increase does not need to be disclosed in advance. If I decide I do not want to pay the higher fee, I can go to Western Union or MoneyGram instead.
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#2004471 - 03/26/15 09:17 PM Re: INTERNATIONAL REMITTANCE fnblikdd
John Burnett Online
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John Burnett
Joined: Oct 2000
Posts: 39,801
Cape Cod
The difference? The subpart A disclosures are all about an ongoing deposit account relationship. Those in subpart B are about one-off transactions.
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