• In 2012, the Consumer Financial Protection Bureau (CFPB) issued a new rule designed to protect consumers who send money electronically to foreign countries (also known as “international outgoing wire transfers” or “remittance transfers.” This rule imposes new regulatory requirements that will increase credit union costs.

    On October 28, 2013, these new federal regulations will go into effect for international outgoing wire transfers, requiring us to process these transfers differently than we have in the past. As a result, our costs to provide this service, as well as the required processing time for international outgoing wires, will increase significantly. As a not-for-profit, financial cooperative, it is necessary for us to pass this cost on only to the Members using this service rather than the entire membership.

    Members who use this service regularly, we wanted to let you know in advance that our cost recovery [fee] for this service will increase effective October 28, 2013. (We anticipate the new fee will be around $75.00.) Please note that this cost is to offset the additional expenses RCU will incur to provide this service after the regulations go into effect.

    We recommend allowing additional processing time for any international outgoing wire transfers made after October 28, 2013.

    We can assist you with your international remittance (wire transfer); however, as a local not-for-profit financial cooperative, this type of transaction is not a core service we provide. We can suggest researching alternative options for this type of service, such as Western Union if you wish to do further research. Redwood Credit Union does not process international Western Union transfers.

    Your RCU ATM and VISA® credit and debit card transactions made outside the United States will be unaffected by this change in regulation.

    We appreciate your business and sincerely apologize for any inconvenience this change may cause. If you have questions, please use our secure email channel in RCU Online banking by selecting Messages, or call us at 1 (800) 479-7928.

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