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News Now

Washington
CFPB Now Accepting Money Transfer Complaints
WASHINGTON (4/5/13)--Consumers now can take their complaints about a bad money transfer experience to the Consumer Financial Protection Bureau.

In a blog post announcing that the bureau now takes money transfer complaints, the CFPB noted that it is "pretty incredible" that a person can quickly send money to almost anywhere in the United States or abroad, and that many do so on a daily basis.

The CFPB told consumers they can submit a complaint for such issues as:

  • Money was not available when promised;
  • Wrong amount charged or received (Transfer amounts, fees, exchange rates, taxes, etc.);
  • Incorrect/missing disclosures or info;
  • Other transaction issues (Unauthorized transaction, cancellation, refund, etc.);
  • Other service issues (Advertising or marketing, pricing, privacy, etc.); and/or
  • Fraud or scams.
"Reading your complaints about money transfers will complement work we have already started in this area, including issuing a rule on international money transfers, which will include a new set of protections for consumers who send money internationally," the CFPB said.

The CFPB in January announced it was delaying the effective date of its international remittance transfer rule that was set to go into effect Feb. 7. A new effective date will be set later in the year.

Use the resource link to read more about the CFPB money transfer rule.
Other Resources

CFPB Remittance Rule
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