According to www.cutimes.com “provisions of a regulatory reform bill aimed at increasing disclosure requirements for financial institutions and other providers of wire transfer and remittance services violate the Uniform Commercial Code and could prevent credit unions from offering those services.” What exactly does this mean for you as a consumer? If the bill is passed, banks and credit unions, as well as financial services will have to provide full disclosure of the costs and risks associated with wire transfers. The problem with this is that many banks cannot give consumers a solid price, because they are not in control of the entire process.
What exactly does this mean?
It means that the way the bill is currently written, would classify certain transfers as remittance services, and therefore require full disclosure up front on all costs. Because credit unions are not in full control of the process, they cannot always provide the full cost up front, because they don’t always know it, and therefore if this bill passes, financial institutions such as Check City (through Western Union) and Money Gram may be the only way to obtain or send a money transfer.
Why is it not a problem for these companies?
These companies have more control over the entire process, and therefore would be able to disclose those fees and costs upfront, unlike the banks and credit unions. The bill has passed the House and must now move onto the Senate. It is still under debate whether or not the entire Senate will see the bill,or just a portion will look at it and be in charge of passing or rejecting the bill.
Check City,through Western Union offers convenient, easy and fast Money Transfers to help you get or send the money you need. Our Money Transfer process is simple and the fees are cheap. Visit a Check City Location today or stop by our website at www.CheckCity.com to learn all about our Money Transfer Service.
