Finance Charge Question

Posted By: Crazy Bank Lady

Finance Charge Question - 11/06/17 04:40 PM

We are paying off a loan at another financial institution via wire transfer. The institution that is being paid off is charging $19 to receive the payoff via wire transfer. Does that $19 fee need to be disclosed as a finance charge on our loan since we are requiring that the funds be wired? Thanks for any help!
Posted By: rlcarey

Re: Finance Charge Question - 11/06/17 04:59 PM

Yes.
Posted By: Crazy Bank Lady

Re: Finance Charge Question - 11/06/17 05:05 PM

Thank you for your help!