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Printed Disclosure by Mail?

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If a customer requests a remittance wire transfer while in the bank, but then decides they can't wait for the printed disclosure, can they leave and we provide the disclosure to them orally, provided we send them the receipt by mail?

No. A face-to-face transaction has to be completed with written disclosures in the sequence and timing prescribed in the regulation. The customer could terminate the discussion and fax in the instructions and receive fax disclosures, or re-start and complete the entire transaction orally by phone (if you accept telephone requests).

First published on 02/28/2021

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