The CFPB Accepts Complaints From Consumers About Money Transfers
Thursday, April 11, 2013
If you are like most people these days, your transfer or "wire" money to people or companies. It's a fast, easy way to send money to somebody in another state or country.
Sometimes, consumers encounter problems when transferring money. The company involved performing the transfer may have made a mistake, and/or does not respond to fix the problem. Or, the resolution may be unsatisfactory. There is a new resource for consumers to help you get problems like these resolved: submit a complaint to the Consumer Financial Protection Bureau (CFPB).
The types of money transfer problmes the CFPB can help with:
- Money was not available when promised
- Wrong amount was charged or received (e.g., transfer amounts, fees, exchange rates, taxes, etc.)
- Incorrect or missing disclosures or information
- Other transaction issues (Unauthorized transaction, cancellation, refund, etc.)
- Other service issues (Advertising or marketing, pricing, privacy, etc.)
- Fraud or scams
This includes both domestic and international money transfers. When you send money electronically to people in other countries, these are called remittance transfers. Consumers can transfer money using banks or certain financial companies the industry calls "non-depository companies" or money transmitters.
By law, companies in the USA are required to provide consumers with a disclosure document (in English) before you pay for your remittance transfer. The disclosure document should include the exchange rate, applicable fees and taxes, and the amount of money to be delivered.There are additional protections for consumers:
"1. Consumers get 30 minutes (and sometimes more) to cancel a transfer. Consumers can get their money back if they cancel.
2. Companies must investigate if a consumer reports a problem with a transfer. For certain errors, consumers can get a refund or have the transfer re-sent without charge if the money did not arrive as promised.
3. Companies that provide remittance transfers are responsible for mistakes made by certain people who work for them.
4. The rules also contains specific provisions applicable to transfers that consumers schedule in advance and for transfers that are scheduled to recur on a regular basis."
All of these protections for consumers apply to remittance transfers that are more than $15. Learn more or submit a complaint to the CFPB about an unresolved problem you had with a financial product and service.
You can follow this conversation by subscribing to the comment feed for this post.