Money Transfers. to Mexico. A Manual Examining the Transfer of Funds from U.S. Advocates to Clients in Mexico

Size: px
Start display at page:

Download "Money Transfers. to Mexico. A Manual Examining the Transfer of Funds from U.S. Advocates to Clients in Mexico"

Transcription

1 Money Transfers to Mexico A Manual Examining the Transfer of Funds from U.S. Advocates to Clients in Mexico

2

3 Money Transfers to Mexico A Manual Examining the Transfer of Funds from U.S. Advocates to Clients in Mexico

4

5 Acknowledgments This manual is a collaborative initiative of the Immigrant Justice Clinic at American University Washington College of Law ( the Clinic ), Centro de los Derechos del Migrante, Inc. ( CDM ), and Global Workers Justice Alliance ( Global Workers ). The Clinic acknowledges the work of the following Student Attorneys: Sara Aguiniga, Nelson Carrasco, Jigar Gandhi, Beah Mejia, Wilson Osorio, Saima Qureshi, Ann Webb, and Shannon Zeigler. CDM acknowledges Cori Alonso-Yoder, who drafted a memo on money transfers between the United States and Mexico as a law clerk in the summer of 2009; this memo helped lay the groundwork for the money manual. CDM acknowledges the work of Rachel Micah-Jones, Victoria Gavito, Silas Shawver, Kristin Greer Love, Sarah Rempel, Jessica Stender, Elizabeth Mauldin, and Lelia Gomez in contributing to this manual. Global Workers would like to thank both Meghan Melo for her initial research on many of these issues, as well as Griselda Vega for their work on this manual. About the Authors American University Washington College of Law Immigrant Justice Clinic The Immigrant Justice Clinic (IJC) is one of eleven law clinics within the Clinical Program at American University Washington College of Law (WCL). The Clinical Program is designed to give law students the opportunity to represent real clients with real legal problems. The Student Attorneys take on the responsibility of handling litigation, negotiation, and addressing pressing legal issues with institutional clients in order to learn practical lawyering skills. Student Attorneys in the IJC work in teams under the supervision of a full-time faculty member. The IJC provides representation on a broad range of cases and projects involving individual immigrants and migrants, and their communities, both in the D.C. metropolitan area and overseas. Students Attorneys in the IJC regularly appear in Immigration Court, and may also appear before federal district court, the courts of Maryland and D.C., and before federal and state agencies. Since migration has a transnational dimension, the IJC occasionally advocates before regional and international bodies. IJC s work on the report falls under its area of focus on immigrant employment rights, one of four broad substantive areas that the Clinic targets in its caseload. The other substantive areas include: immigrant deportation defense and immigration detention; civil rights; and immigration, gender, and sexual orientation. The docket of the IJC is structured so as to develop in students the skills and values needed to be effective immigrants rights practitioners, while also responding to the unmet legal needs of the client community. Transfer of Funds from U.S. Advocates to Clients in Mexico i

6 Centro de los Derechos del Migrante, Inc. Centro de los Derechos del Migrante, Inc. (Center for Migrant Rights, or CDM) is a transnational migrant workers rights organization that supports migrant worker organizing and advocacy on both sides of the US-Mexico border and works to remove the border as a barrier to justice for migrant workers who experience workplace violations, exploitation and abuse during recruitment in Mexico and while living and working in the United States. CDM fights for a world where migrant workers rights are respected and laws and policies reflect their voices. Through education, outreach, and leadership development; intake, evaluation, and referral services; litigation support and direct representation; and policy advocacy, CDM supports Mexico-based migrant workers to defend and protect their rights as they move between their home communities in Mexico and their workplaces in the United States. Since opening its doors on Labor Day 2005, CDM has met with more than 7,000 people in more than 100 communities in 23 states across Mexico to ensure that migrants know their rights before they cross the border. CDM has also collaborated with workers and allies to recover more than six million dollars in unpaid wages and other compensation and to establish important legal precedents and policies to protect migrants all along the migrant stream. CDM has supported the establishment and growth of the Comité de la Defensa del Migrante (Migrant Defense Committee), a leadership development initiative of more than 60 community-based leaders who organize and empower migrant workers to defend themselves and educate their co-workers. CDM s binational, multilingual staff and geographic reach have grown in response to increasing needs for its advocacy and services. Today, with headquarters in Mexico City, two satellite offices in Juxtlhuaca, Oaxaca and Baltimore, Maryland, CDM has established itself as a powerful, transnational agent of change. Global Workers Justice Alliance Global Workers Justice Alliance ( Global Workers ) is a New York-based NGO that safeguards the rights of migrants who have experienced exploitation at work and have returned to their countries of origin. The theoretical framework that motivates the work is portable justice: the right and ability of transnational migrant workers to access justice in the countries of employment even after they have departed for their home countries. We accomplish the work through the Global Workers Defender Network which is comprised of experienced human rights advocates who we have trained on U.S. laws so they can be the on-the-ground support that you need to keep your clients in the case. Our Defenders provide the reliable, trusted on-the-ground link to your clients, making transnational litigation efficient. As geographic, political, and cultural insiders, our Defenders can maneuver easily in their communities and get the work done. The main work of the defenders falls into five categories: 1. Educate migrants about their labor rights before migrating to the U.S.; 2. Receive complaints from migrants who suffered labor exploitation while working in the U.S.; 3. Serve as a liaison to NGOs in the U.S. in specific cases of migrants who have returned to their country of origin but have cases pending in U.S. courts; 4. Address violations that migrants face in the country of origin related to work in the U.S.; and 5. Advocate for improving working conditions of migrants abroad and the conditions under which they migrate. Our geographic area includes México (Chiapas, Guanajuato, Guerrero, Hidalgo, Mexico City, D.F., Michoacán, Oaxaca, San Luis Potosí, Puebla, Tabasco, and Veracruz) and Guatemala (Chimaltenango, Guatemala City, Huehuetenango, Quiche, San Marcos, and Zacapa). ii Transfer of Funds from U.S. Advocates to Clients in Mexico

7 Table of Contents Introduction... 1 Key Logistical Issues: Identification Documents & Mexican Bank Accounts... 2 Checks... 6 Wire Transfers... 9 Bank-to-Bank Transfers Other Options Ethical Considerations and Legal Regulations Transfer of Funds from U.S. Advocates to Clients in Mexico iii

8

9 Introduction Your diligent advocacy has paid off for your Mexican clients, and they have now returned to their home communities. How do you now ensure that they receive their unpaid wages, monetary damages, or other funds? This manual aims to accomplish the following: 1. Examine the logistics of delivering settlement funds (or other funds) to a client in Mexico. Since most options require clients to have some form of identification and some require the client to have a Mexican bank account the manual opens with a discussion of how to obtain these documents. 2. Describe the different options for sending money to clients in Mexico, such as sending checks, using wire transfer companies, and using a bank-to-bank wire transfer. 3. Discuss key ethical considerations and legal regulations as they affect money transfers from attorneys and advocates in the U.S. to clients in Mexico. As a general rule, there is no definitive right answer for transferring money to Mexico. The best option in a given case will be shaped by your answers to a set of key questions, including the following: How much money needs to be transferred? How many clients are involved? Is your contact with the client(s) reliable? Do you anticipate multiple rounds of funds distribution? Does the money need to go to an urban or rural part of Mexico? Will the client(s) be in the U.S. again soon? If so, are they willing to wait? Does the client or close family member have a bank account? Could the client open an account? What risks would be involved with opening an account? Finally, the authors have made every effort to ensure the information in this manual is accurate and up-todate as of our date of publication. However, company practices and requirements are constantly changing. We encourage practitioners to verify information in this manual with the agency or company in question. Transfer of Funds from U.S. Advocates to Clients in Mexico 1

10 Key Logistical Issues: Identification Documents & Mexican Bank Accounts When distributing funds to clients in Mexico, advocates must ask clients what type(s) of government-issued identification they hold and whether they have bank accounts in Mexico. The answers to these questions will determine the most appropriate money transfer option. GOVERNMENT-ISSUED IDENTIFICATION There are three main forms of ID in use in Mexico: the voter ID card, the driver s license, and the passport. The Mexican Postal Service also issues a form of ID, called the cartilla postal (postal ID). 1 As described below, its use is limited, but it enables the client to cash international money orders. 2 My Client Doesn t Have Any Identification Documents! Be prepared for the possibility that your client does not have any government-issued ID, as this is not uncommon among Mexican nationals. There are also Mexican nationals who never had their birth registered, which adds additional steps to obtaining an ID. It is important to know what is involved when you ask clients to get their IDs. The process takes time. The requirements for each form of ID are described below. Obtaining a Tarjeta de Elector (Federal Voter ID Card) Mexican voter ID cards formally known as a credencial para votar, but colloquially referred to as a tarjeta de elector or credencial are issued by the Instituto Federal Electoral, or Federal Electoral Institute. Information on how to obtain an official voter ID card is available from the agency s website: From the home page, click on the link for credencial para votar, and the site will guide you through the process and requirements. They are summarized here, below. In order to obtain a voter ID card, you need proof of Mexican nationality (for example, a birth certificate), a form of photo ID (passport, military card, driver s license), and proof of address (e.g., utility bill). 3 Currently, the issuance process requires the taking of digital fingerprints. 4 The voter ID card is issued free of charge. Individuals may apply at locations throughout Mexico. 5 It is advisable to inquire about ID at the start of the representation. If your client does not have any ID, and some recovery seems likely, it is in the client s interest to begin securing the needed documents as soon as possible. Clients may be daunted by this process and feel that it will take too long or is not worth the trouble. Explain that if they start now, they will likely have their IDs before the end of the litigation. Also explain that if and when you have funds to distribute from the litigation, they will be able to access the funds more quickly, safely, and likely at less cost to them if they have IDs. 2 Transfer of Funds from U.S. Advocates to Clients in Mexico

11 Obtaining a Driver s License In Mexico, the process of obtaining a driver s license varies from state to state. Often, the process simply requires the applicant to pay a fee (often, by making a payment at a local bank) and then take proof of payment, proof of domicile, and identification to the proper agency. 6 Some states specifically require a driving test while others do not. 7 Obtaining a Passport In order to obtain a Mexican passport for the first time, an applicant must fill out an application form in person at an office of the foreign ministry or one of its local affiliates. The applicant must provide proof of Mexican nationality (original and photocopies of either the applicant s birth certificate, certificate of Mexican nationality, naturalization letter, or national ID card), an identification document that has a photo and signature (original and photocopies of voter ID card, national ID card, naturalization letter), two passport-sized photos, and proof of payment. 8 For 2012, the cost of a passport varies from 230 to 2,015 Mexican pesos, based on disability status, age, and occupation of the applicant, as well as the length of time that the passport is valid. 9 Obtaining a Cartilla Postal (Postal ID) In order to obtain the cartilla postal, issued by the Mexican postal system, an applicant must apply in person at a local post office branch. Required doc uments include: a birth certificate, two passport-sized black and white photos, and proof of address, such as a utility bill from within the last three months (original and copy). 10 As of the publication of this manual, the cost of a cartilla postal is 55 pesos. 11 Transfer of Funds from U.S. Advocates to Clients in Mexico 3

12 MEXICAN NATIONAL IDENTIFICATION CARD The Mexican government is currently in the process of instituting a national identification card, called the Cedula de Identidad Personal (Personal Identity Card). Although the government had planned to start issuing these cards in 2011, issuance has been delayed to allow for coordination between relevant government agencies. (http://mexico.cnn.com/nacional/2011/01/20/la-secretaria-degobernacion-retrasa-la-cedula-de-identidad-para-mayores). Currently, Personal Identity Cards are being issued only to minors in certain Mexican states. (http://www.renapo.gob.mx/swb/swb/ RENAPO/TramitarCEDI). Nevertheless, U.S. advocates should monitor the issuance of these ID cards to determine whether they might be of use to clients. MEXICAN BANK ACCOUNTS Lack of access to banks and financial institutions for many Mexicans is one of the most significant practical hurdles to disbursing funds sent from the United States to Mexico. According to recent World Bank estimates, 74 percent of municipalities, supporting 22 percent of [Mexico s] population, have no bank branch. About 75 percent of Mexicans live in an urban environment, yet 85 percent of adults in urban areas have had no dealings with formal financial institutions. 12 Banking in Mexico remains costly, and for those without access to banks, alternative financial services are even more expensive. 13 Regardless of whether the client has a bank account in Mexico, related challenges include what one commentator describes as eye-watering high charges and commissions which are also intensely complex, high borrowing rates coupled with low deposit rates, and poor levels of customer service. 14 In short, opening bank accounts and utilizing a single financial service may prove to be unworkable for some clients. Should I Encourage My Client to Open a Bank Account in Mexico? It depends. Opening a bank account may not be a viable option for all clients. Depending on the money transfer mechanism used, it may not be necessary to have an account. As indicated on the chart on p. 10, none of the wire transfer options discussed below requires the recipient to have a bank account. Also, several of the bank transfer options, including Bank of America SafeSend, Red de la Gente, and Directo a Mexico, provide the option of cash pickup. Advocates may wish to counsel clients generally on the pros and cons of opening an account. The client should consider whether he or she will need the bank account in the future. Additionally, the client should consider any costs associated with the account, such bank fees or minimum balance requirements. These considerations will vary depending on the client and the bank s schedule of fees. Typical Requirements for Opening a Bank Account in Mexico The precise requirements for opening an individual bank account vary from bank to bank. Nevertheless, among Mexican banks, the following requirements are typical: (1) Government-issued identification (federal voter ID, passport, driver s license); (2) utility bills that show the person s address (often an electricity or telephone bill); and (3) an initial deposit, usually between 500 and 1000 Mexican pesos. After the account is opened, a monthly maintenance fee typically applies. 4 Transfer of Funds from U.S. Advocates to Clients in Mexico

13 BANK IDENTIFICATION PROOF OF RESIDENCE INITIAL DEPOSIT MINIMUM BALANCE & MONTHLY FEE OTHER Banamex 15 Voter ID card, military service card, professional ID, passport, INAPAM (for elderly), IMSS (Social Security) If the address on the ID is different from the address on the application, need a water, electric, telephone, or local tax bill 1000 pesos 150 pesos + IVA, if account balance falls below 1000 pesos Bancomer 16 (BBVA) Voter ID card, professional ID, passport, INAPAM (for elderly), IMSS (Social Security) Voter ID card, or phone, water, electric, or local tax bill. 750 pesos (savings account with debit card), 1000 pesos (checking with checkbook) 151 pesos if account balance falls below 1000 pesos (for savings account); 25 peso monthly membership fee (for checking account; fee waived if balance greater than 25,000 pesos) Two personal references Banorte 17 Official ID with photo Proof of residence required if photo ID does not have current address. No minimum initial deposit. None. Bansefi 18 Official ID with a photograph Proof of residence required. 50 pesos (basic savings account with debit card) Must maintain a minimum balance of 50 pesos. Minimum requirements for deposits and withdrawals. HSBC 19 Voter ID card, professional ID, passport Voter ID card, or phone, water, electric, or local tax bill less than 3 months old pesos For basic checking account, 150 pesos + IVA, if account balance falls below 1000 pesos. Varies depending on the exact type of account Scotiabank 20 Official ID with a photograph and signature Proof of residence required pesos No minimum balance, but 35 peso monthly fee. Transfer of Funds from U.S. Advocates to Clients in Mexico 5

14 Checks THE CHECK IS IN THE MAIL OR IS IT? Although sending a check to a client in the mail might seem like a common-sense option, the process of receiving and cashing a check in Mexico is fraught with challenges. These challenges include: the insecurity of the postal system in Mexico; restrictions on cashing checks; and other red tape involved with dealing in checks. Below, we discuss the logistics around mailing checks to Mexico and cashing them there. The Reliability of Correos de México (The Mexican Postal Service) Due to concerns about the reliability of mail delivery in clients home countries, many advocates prefer not to mail checks. Nonetheless, some agencies including the U.S. Department of Labor and statelevel labor agencies regularly mail checks to clients overseas. In order to be properly delivered to a residence in Mexico, the piece of mail requires the name, the street address, the postal code, and the city. The U.S. Postal Service claims that mail found to be undeliverable in the destination country will generally be returned to the U.S. sender. 21 In reality, there is no way to know exactly what happened to a mailed check that is not received by a client. All mail sent from abroad to Mexico arrives centrally at Benito Juarez Airport in Mexico City. From there, it is delivered to Pantaco Terminal, where the first sorting occurs and the mail is sent to regional destinations, generally larger regional cities. Depending on the size of the town, delivery may take additional days. Note that Correos de Mexico does not deliver to all small villages in the countryside. That said, telephone bills for Mexican landlines are delivered by the postal service, so as a general rule, clients with home telephone service receive residential mail delivery. For these reasons, most Mexican attorneys will not send important documents to their clients through Correos de Mexico. These lawyers experience is that if you send something through the Mexican postal service, it often goes into a black hole and never arrives. 22 Instead, many attorneys rely on courier options, especially when theft or loss is a concern. These include FedEx, DHL, and Estafeta. 6 Transfer of Funds from U.S. Advocates to Clients in Mexico

15 Sending Checks to Mexico via FedEx FedEx is a viable option for sending checks to clients in Mexico. There is no limitation on the amount that can be sent by check, nor is there a limit on the number of checks you can send in one envelope. 23 If you are considering using FedEx to send a check to a client, there are a few things to be aware of. First, FedEx does not deliver to very small villages. 24 This limited zone of delivery is a major drawback for many advocates. Second, for insurance purposes, the sender only needs to claim the amount of the stop payment fee at his or her bank in case the check does not get delivered, not the full amount of the check. 25 According to a FedEx customer service representative in Mexico, FedEx will make three delivery attempts in Mexico as it does in the U.S. 26 After the third attempt, the package will be held for the customer for 5 days at the nearest FedEx location and will then be returned. 27 Sending Checks to Mexico via DHL For delivery of documents to Mexico, DHL is generally a secure option. According to DHL, the company will deliver checks of up to $10,000 from the U.S. to anywhere in Mexico, provided the checks are made out to a specific individual. 28 Advocates in Mexico, however, report that DHL does not mail checks within Mexico or from Mexico to the United States, and will scan packages to ensure there are no checks inside. DHL needs an address that includes a postal code (código postal) in order to make a delivery. DHL also requires a phone number for both the sender and recipient. The company delivers via intermediaries to small towns in the countryside. A surcharge applies to delivery outside of bigger cities. Mail sent via DHL is delivered to the residence whether the person to whom the package is addressed is physically present or not. The person accepting the package must sign for the piece of mail but does not need any ID. Another option is the ocurre option whereby the package is delivered to a DHL office until someone with proper photo ID picks up the package. A phone number is required for ocurre deliveries so that DHL can advise the recipient that the package has arrived. Sending Checks to Mexico via Estafeta Estafeta is a privately owned mailing service that works in close conjunction with the United States Postal Service (USPS) for international mail delivery between the U.S. and Mexico. Estafeta allows the mailing of checks to Mexico that are under $10,000 and made out to a specific individual (i.e., no blank checks). 29 Whether for mailing checks or for other purposes, Estafeta allows for the secure shipping and tracking of envelopes and small packages. Telephone numbers on both ends allow for notification of the recipient after the package has arrived at one of Estafeta s office. Because Estafeta does not deliver to small villages, pick-up of the shipped item will most likely be required for recipients in rural areas. Many advocates in Mexico prefer to use Estafeta over FedEx or DHL to make secure deliveries. Every item sent via Estafeta can be tracked with a number, through a process called guía or rastreo. Estafeta s services are available in small stores (tiendas) and at freestanding company storefronts. In case of a bad address, Estafeta will contact the sender; in case of non-delivery, the package will be returned at an additional charge. CASHING OR DEPOSITING CHECKS Once your client has received the check, he or she should either cash the check or deposit it into a bank account. This manual assumes that checks sent from the U.S. are drawn from U.S. banks and made out in U.S. dollars. For clients who do not have a bank Transfer of Funds from U.S. Advocates to Clients in Mexico 7

16 account, the only option will be to cash the check, although this can take significant time and legwork. If the client has a bank account, depositing the check may be an easier option, depending on the amount of the check. Depositing and/or Cashing Checks in Mexico with a Bank Account Cashing a check issued from a U.S. bank is made easier if the client already has a bank account. When considering mailing a check, be aware that, due to increased concerns over money laundering, some foreign banks are either refusing to cash checks drawn on U.S. banks or are instituting additional requirements and/or a long waiting period following deposit of the funds. 30 In other words, for many banks, a deposit is a prerequisite for cashing a check; in most cases, withdrawal of funds will only be possible after a delay of 30 days or more. For example, Banamex will deposit foreign checks, but it takes 20 days for the check to clear; for HSBC, the waiting period is 21 days. 31 In order to cash a U.S.-issued check with the bank Santander, the client needs to provide a photocopy of the check and a passport. The actual check is sent to the main office of the bank, which will decide if it is payable a process that takes from a week up to a month. Again, all of these options assume that the client has an account with the institution in question. Cashing Checks in Mexico Without a Bank Account Clients who do not have a bank account have several options. One option is to go to the main office of a bank to see if they will cash the check which they may do for a large fee. Alternatively, there are many check-cashing businesses throughout Mexico (called casas de cambio), and many of them will cash checks in U.S. dollars. There are costs and risks involved with the casas de cambio. Most agencies will offer a very unfavorable exchange rate, and sometimes charge a percentage of the check as a fee. In addition, most casas de cambio impose a waiting period of approximately 20 days to allow the check to be verified before the money can be paid out. Some casas de cambio will pay a small amount at the outset and the rest at the end of the waiting period. Since there is minimal oversight over these entities, clients should ensure that the selected casa de cambio is known in the community and trustworthy before handing over a check. One financial agency that operates casas de cambio and also provides other financial services throughout Mexico is CI Banco (www.cibanco.com). CI Banco locations will cash checks drawn on U.S. funds, provided the individual brings an official ID and proof of address. CI Banco also requires the individual to sign a risk letter (carta de riesgo), which would hold the client personally responsible to CI Banco in case the check is not honored. CI Banco verifies the funds with the U.S. bank and pays within 8-10 days. CI Banco does not charge a fee, but does apply an exchange rate that is slightly less favorable than they would for exchanging U.S. dollars. 32 ALTERNATIVES INVOLVING CHECKS Depending on the number of clients and the amount of money involved, attorneys might consider the following alternatives for getting money to clients in Mexico. If the client has a trusted relative in the U.S., the client can sign a limited power of attorney authorizing the relative to deposit the check into a U.S. account and wire it to the client. Wire transfer options are discussed in the following section. When significant funds are involved, the client could also provide a power of attorney, authorizing an attorney to open an account in the U.S. in the client s name, and then deposit the check into that account. The client could retrieve the money through a wire transfer or direct withdrawal. 8 Transfer of Funds from U.S. Advocates to Clients in Mexico

17 Wire Transfers Wire transfers are the most common way to send money to clients in Mexico. Transferring money to Mexico and other Latin American countries is relatively cheap, as compared to other regions of the world. Costs have consistently decreased as new service providers have entered the market and governments have facilitated transfer. 33 There are notable pros and cons with using wire transfers. In general, wire transfers occur quickly, and the clients can receive money in cash. Another benefit is the great variety of places where the money can be picked up, including banks, department stores and other easy-to-locate businesses. Additionally, many Mexican clients are familiar with the process, given their own experience with remittances. 34 However, there are some cons: transfer fees can add up, there are limits on the amount that can be sent, and the administrative burden for advocates in the U.S. is high. Additionally, the option is less secure for clients who may be walking out of a pick-up location with substantial amounts of cash. In addition to well-known options such as Western Union, many other businesses provide transfer services. These entities range from banks to online services such as Xoom to retailers like Wal-Mart. The fees for these services vary widely, depending on the service and the amount sent, as described in detail below. Also, the method of delivery, and the corresponding difficulties for sender and/or recipient, vary based on the service used. New services have also emerged, which allow account holders in the United States to transfer money from their bank accounts to a bank account in Mexico or for cash delivery at select Mexican banks. These services are described below and in the chart on page 10. Although wire transfers are generally a convenient option, most wire transfer services have a cap on the amount of funds that can be sent to a recipient within a fixed period of time. Additionally, in recent years, some wire transfer companies have significantly restricted the amount that can be sent within fixed periods of time to recipients who reside in Mexican states along the U.S. border. Transfer of Funds from U.S. Advocates to Clients in Mexico 9

18 SERVICE FORMS OF DELIVERY REQUIREMETNS FOR PICKUP FEES TRANSACTION CAPS Western Union Bank Account, Cash Pick-Up, Prepaid Card, Home Delivery, Mobile Phones Government ID or answer to a security question Vary, but typically, 5% of the amount sent for same-day service and 4% for next-day service. $7,499 pertransaction cap for transactions to Mexico. Additionally, only $1,000 may be sent to Mexican states that border to U.S. during any two-week period. Xoom Bank Account, Cash Pick-Up, Home Delivery Xoom tracking number and one of the following: driver s license, passport, or tarjeta de elector (IFE) $4.99 per transaction when wiring from a bank account, sliding scale when paying by credit card. $2,999 per-transaction cap; different Xoom affiliates in Mexico have caps on how much an individual can receive per day. MoneyGram Bank Account, Cash Pick-Up, Prepaid Card, ATMs and Kiosks, Mobile Phones. Government-issued picture ID, including military ID, tarjeta de elector, or passport. $9.99 per transaction when conducted in person; when online, fees vary depending on the amount sent and the pick-up option. Fees vary depending on the MoneyGram affiliate where the funds are sent. Maximum of $9,099 can be sent daily from WalMart; $2,000 daily from CVS. Online transactions capped at $899. DineroSeguro BBVA Bancomer locations tarjeta de elector, passport, Bancomer credit card, and more. Absent any of these forms of ID, the recipient may present a letter issued by a local authority, which verifies their identity. From $10-$20 per transfer. $2000 per transaction. 10 Transfer of Funds from U.S. Advocates to Clients in Mexico

19 WIRE TRANSFER COMPANIES Western Union Western Union is the largest and most recognized wire transfer service in the world. With more than 380,000 locations worldwide, including 18,000 agents in Mexico alone, Western Union is a convenient and generally accessible option. Their website allows a search by agent or specific location. 35 Money transfers via Western Union can be conducted over the internet, by phone, or by visiting a local branch. 36 Despite its broad network, certain Western Union requirements make it less attractive for U.S. advocates. First, customers can send only using cash, from an account linked to a debit card, or using a credit card. If the sender wishes to send money online, the money can be paid only with a Visa or MasterCard (credit or debit) issued by a U.S. bank. If the sender elects to send money in person at a store, the sender can send cash or use a Visa/MasterCard debit. 37 Western Union offers limited capacity to transfer funds directly from a bank account, limiting bank-to-bank transfers to amounts above $3,000, and requiring the use of a corollary Western Union service called Online FX. 38 On the other hand, it is relatively easy to transfer funds to a bank account. In addition to these limits, the administrative burden with Western Union is high, since both sender and recipient information needs to be filled out individually for each wire transfer. With Western Union, sending money online is likely more convenient and more secure than going to a local Western Union branch with cash. Currency is converted at a rate set by Western Union based on that day s exchange rate. The rate also differs depending on the U.S. state from which the money is sent. As for the fees, Western Union fees differ depending on whether the sender is sending through the website or through an agent in person. In some states, there is a fee that increases with the amount sent; in other states, the fee is a percentage of the amount being sent. For example, to wire more than $100 from New York to be picked up in cash in Mexico, the fee is 5% of the amount sent for sameday service and 4% for next-day service. 39 However, to send $1,000 from California to Mexico, the fee would be about $30 for same-day service and $20 for next-day service. 40 The fees will vary and in fact, may be slightly lower if you conduct your transaction online, instead of through an agent. There is no fee for the recipient to pick up the funds at the designated Western Union branch. Western Union imposes a $7,499 per-transaction cap for transactions to Mexico. 41 Additionally, only $1,000 may be sent to Mexican states that border the U.S. during any two-week period. 42 There is no frequency limitation to any other states in Mexico, but be aware that the amount sent may be limited by the amount of cash kept on hand in the location to which you are sending. To pick-up the funds, your client must either show ID or provide the answer to a security question. No authorization code is involved in sending money with Western Union. 43 Xoom Xoom is a recent addition to the money wiring scene, and it is gaining in popularity. Xoom does not have storefront locations; all transactions take place over the internet. 44 To set an account with Xoom, the sender must provide an address, phone number, and method of payment (credit card, debit card, or bank account). 45 Money sent by Xoom can either be deposited into a bank account, made available as cash, or delivered to the recipient s home, depending on the country. 46 When picking up cash, the funds can be sent to any of Xoom s cash pick-up agents, which include local banks, casas de cambio, or other third-party service providers. 47 Xoom s network offers 15,830 pick-up locations in Mexico, the list of which is available on their website. 48 In order to pick up money in Mexico a recipient needs a Xoom tracking number and one of the following: driver s license, passport, or tarjeta de elector (IFE). 49 The maximum amount that can be Transfer of Funds from U.S. Advocates to Clients in Mexico 11

20 received in Mexico varies by the receiving institution; for example, the limit for BBVA Bancomer is 8,500 pesos, per recipient, per day. 50 When arranging a transfer of funds, a phone number is required for both the sender and recipient. Providing an address allows one to track the transaction. The website will prompt the sender for information about the amount of the transaction, purpose of transaction, source of funds, and information about the recipient including name, address, phone number, date of birth, address (if any), and disbursement method. If the money is wired from a U.S. bank account, there is a $4.99 fee cap per transaction. 51 The maximum a sender can send at once is $2, If paying with a credit card, the fee increases with the amount sent. The credit card fees to send to Mexico start at $4.99 to wire between $25-$250 and go up to $75.99 to wire $2, The current exchange rate being used by Xoom is available on the fee calculator portion of their website. Xoom imposes a limit on the number of transactions, so it may not be the best method of transfer for an advocate with a large caseload of individual cases. Although every Xoom transaction is capped at $2,999, a sender can send up to $6,000 in a 30-day period (up to $19,500 in 180-days) by providing additional information to Xoom. 54 Examples of additional information required to send higher amounts of money include occupation or a government-issued identification number (e.g., a driver s license number). 55 Xoom also imposes caps on the amount of money that can be received by an individual within a fixed period of time; there are caps per 24 hours, per 30 days, and per 180 days. 56 In the past, Xoom offered an institutional account, but it appears this is no longer available. MoneyGram MoneyGram is a global payment services company. It offers several services, including MoneyGram Money Transfer. This money transfer service allows individuals to send money to and receive money from 194 countries, primarily through a global network of third-party agents. Money can be transferred personto-person (also known as cash-to-cash), directly to a bank account, to ATMs and kiosks, to mobile phones, and to credit cards. 57 Individuals may send money from an office in person and can have the funds sent to an account at Bancomer, sent to a Visa card, or sent for cash pick-up at a MoneyGram agent, Bancomer, or at a Telecomm- Telégrafos office. For all of these services, the fee is $9.99 per transaction, regardless of the amount sent. 58 If the money is sent online, there are two payment options: the sender can pay with a credit card for same-day delivery of the money; or the sender can have the money taken out of a bank account, and it will arrive three days later. The same-day credit card option is more expensive, but the exact fees vary depending upon the amount sent and the specific receipt option (pick-up with an agent in Mexico, funds sent to a Visa card, bank deposit to Bancomer, pick-up at Bancomer, or pick-up at Telecomm-Telégrafos). For example, for $200 to be sent to Mexico to be picked up at a MoneyGram agent location, the fees are $12 for a credit card payment and $10 for payment from a bank account. To send $700 for pick-up at Telecomm-Telégrafos, the fees are $24 and $12, respectively. 59 The maximum that can be sent daily via MoneyGram to Mexico depends on the MoneyGram affiliate from which the funds are sent. For example, CVS caps transactions to Mexico at $2,000, whereas Wal-Mart allows transactions up to $9, Transactions conducted online via the MoneyGram website are capped at $ To pick up the funds, the recipient will need a valid government-issued picture ID, including military ID, tarjeta de elector, or passport. 62 MoneyGram allows users to set up an organizational account, provided the organization commits to making at least 500 transactions a month, at a cost of $9.99 per transaction. 63 If the organization fails to meet the 500-transaction quota, it will owe MoneyGram the difference between the costs already paid and $4,995, the fees owed to MoneyGram each month Transfer of Funds from U.S. Advocates to Clients in Mexico

International Remittances

International Remittances December 2008 International Remittances by Terri Bradford, Payments System Research Specialist oney may or may not make the world go around, but it certainly makes its way around the world. The World Bank

More information

BEST FORMS OF MONEY TRANSFER AND PAYMENT CONDITIONS

BEST FORMS OF MONEY TRANSFER AND PAYMENT CONDITIONS BEST FORMS OF MONEY TRANSFER AND PAYMENT CONDITIONS BEST FORM FOR MONEY TRANSFER FORMS OF MONEY TRANSFER INTRODUCTION: Sending or receiving money for either payment of salaries, settlement of business

More information

Latin American Competition Forum Fourth Annual Meeting -- SESSION IV --

Latin American Competition Forum Fourth Annual Meeting -- SESSION IV -- Latin American Competition Forum Fourth Annual Meeting -- SESSION IV -- Remittances: Some Observations from the United States 1. The Antitrust Division of the Department of Justice has conducted three

More information

Repackaging Non- Interest Bearing Savings and Checking Products

Repackaging Non- Interest Bearing Savings and Checking Products Repackaging Non- Interest Bearing Savings and Checking Products 8/26/2013 Anna Peña Coopera Client Relations Manager Preview Steps to repackage a SAFE Account/ Checking account Best practice samples Coopera/

More information

Testimony of. Mr. Mark Thompson. On Behalf of. The Western Union Company. To The

Testimony of. Mr. Mark Thompson. On Behalf of. The Western Union Company. To The Testimony of Mr. Mark Thompson On Behalf of The Western Union Company To The House Financial Services Committee Subcommittee on Domestic and International Monetary Policy, Trade and Technology Hearing

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

If you would like translation assistance, please contact HR Direct at 866-473-4728.

If you would like translation assistance, please contact HR Direct at 866-473-4728. Dear Associate, Limited Brands offers two cost effective, environmentally friendly ways of delivering associates pay. You can choose the option that makes sense for you: either direct deposit or a Visa

More information

UNIVERSITY FEDERAL CREDIT UNION ABILITY CARD TERMS AND CONDITIONS

UNIVERSITY FEDERAL CREDIT UNION ABILITY CARD TERMS AND CONDITIONS UNIVERSITY FEDERAL CREDIT UNION ABILITY CARD TERMS AND CONDITIONS Please keep these Terms and Conditions handy and refer to them when you need to. And remember, whenever you have a question, you can call

More information

International Fund Transfers

International Fund Transfers AUGUST 22, 2014 International Fund Transfers SMALL ENTITY COMPLIANCE GUIDE VERSION 3.0 1 Table of Contents 1. Introduction... 4 I. What is the purpose of this guide?... 4 II. Who should read this guide?...

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

Credit Card Contract

Credit Card Contract Credit Card Contract Credit Card Booklet Cardholder enquiries & Lost and stolen cards Telephone : (679) 321 4300 Facsimile : (679) 330 3738 BSP/SecDocTemp006 Page 1 of 21 Template Issue No.3 reviewed 19032012

More information

VERITY CREDIT UNION BUSINESS PLATINUM VISA CREDIT CARD AGREEMENT

VERITY CREDIT UNION BUSINESS PLATINUM VISA CREDIT CARD AGREEMENT I. INTRODUCTION. VERITY CREDIT UNION BUSINESS PLATINUM VISA CREDIT CARD AGREEMENT This Agreement covers your Business Platinum VISA Credit Card, issued by Verity Credit Union ( Lender ). In this Agreement

More information

WESTERN UNION MONEY TRANSFER SM SERVICE IS PROVIDED ON THE FOLLOWING TERMS AND CONDITIONS

WESTERN UNION MONEY TRANSFER SM SERVICE IS PROVIDED ON THE FOLLOWING TERMS AND CONDITIONS WESTERN UNION MONEY TRANSFER SM SERVICE IS PROVIDED ON THE FOLLOWING TERMS AND CONDITIONS Western Union Money Transfer SM transactions can be sent and picked up at most Western Union Partner ( Partner

More information

A financial empowerment toolkit for community volunteers

A financial empowerment toolkit for community volunteers YOUR MONEY, YOUR GOALS A financial empowerment toolkit for community volunteers Modules 8: Money services, cards, accounts, and loans Consumer Financial Protection Bureau April 2015 Table of contents MODULE

More information

ATM/DEBIT CARD APPLICATION

ATM/DEBIT CARD APPLICATION ATM/DEBIT CARD APPLICATION Application and Member Information Account No. Member Name Street City/State/Zip Home Phone Work Phone Joint Owner Street City/State/Zip Joint Owner Information (If applicable)

More information

Commercial Service Charges/ Statement of Disclosure

Commercial Service Charges/ Statement of Disclosure Commercial Service Charges/ Statement of Disclosure Account Services HSBC BusinessVantage Account Package Interest-bearing chequing account package in Canadian or US dollars that pays tiered interest.

More information

MOBILOIL FCU 1810 N Major Dr Beaumont, TX 77713 CREDIT CARD AGREEMENT AND DISCLOSURE STATEMENT

MOBILOIL FCU 1810 N Major Dr Beaumont, TX 77713 CREDIT CARD AGREEMENT AND DISCLOSURE STATEMENT MOBILOIL FCU 1810 N Major Dr Beaumont, TX 77713 CREDIT CARD AGREEMENT AND DISCLOSURE STATEMENT Annual Percentage Rate (APR) for purchases and cash advances 2.99% fixed rate (purchases and/or cash advances)

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

International Money Transfer Service Terms and Conditions

International Money Transfer Service Terms and Conditions International Money Transfer Service Terms and Conditions Article 1 (Scope of Application) The International Money Transfer Service offered by Seven Bank (hereinafter referred to as the Bank ) shall be

More information

Commercial Service Charges/ Statement of Disclosure

Commercial Service Charges/ Statement of Disclosure Commercial Service Charges/ Statement of Disclosure Account Services HSBC BusinessVantage 2 Account Package Interest-bearing chequing account package in Canadian or US dollars that pays tiered interest.

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

Write Checks the Right Way

Write Checks the Right Way Write Checks the Right Way Guide G-220 Revised by Fahzy Abdul-Rahman 1 Cooperative Extension Service College of Agricultural, Consumer and Environmental Sciences CHECKS VS. OTHER PAYMENT METHODS Checks

More information

International Fund Transfers

International Fund Transfers AUGUST 14, 2013 International Fund Transfers SMALL ENTITY COMPLIANCE GUIDE VERSION 2.0 1 Table of Contents 1. Introduction... 4 I. What is the purpose of this guide?... 4 II. Who should read this guide?...

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

7 FAM 1300 APPENDIX G PASSPORT FEES

7 FAM 1300 APPENDIX G PASSPORT FEES 7 FAM 1300 APPENDIX G PASSPORT FEES (CT:CON-503; 02-07-2014) (Office Of Origin: CA/OCS/L) 7 FAM 1310 APPENDIX G INTRODUCTION TO PASSPORT FEES a. Most consular fees are established on a basis of cost recovery

More information

HOUSTON LAWYER REFERRAL SERVICE, INC. RULES OF MEMBERSHIP

HOUSTON LAWYER REFERRAL SERVICE, INC. RULES OF MEMBERSHIP HOUSTON LAWYER REFERRAL SERVICE, INC. RULES OF MEMBERSHIP The Houston Lawyer Referral Service, Inc. (HLRS) is a non-profit corporation sponsored by the Houston Bar Association, Houston Young Lawyers Association,

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE WITH APPLICATION

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE WITH APPLICATION ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE WITH APPLICATION This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

Georgia Prep Sports Academy

Georgia Prep Sports Academy Georgia Prep Sports Academy http://www.georgiaprepsportsacademy.org WHAT TO DO FOR A NEW I-20 TO ENTER THE U.S. If your primary intent to come to the United States is to study, then you will need to enter

More information

Dividend Reinvestment & Direct Stock Purchase Plan for investors in RPM International Inc.

Dividend Reinvestment & Direct Stock Purchase Plan for investors in RPM International Inc. Shareowner Service Plus Plan SM Investment Brochure Dividend Reinvestment & Direct Stock Purchase Plan for investors in RPM International Inc. CUSIP# 749685 10 3 Sponsored and Administered by: Wells Fargo

More information

Dividend Reinvestment & Direct Stock Purchase Plan for investors in RPM International Inc.

Dividend Reinvestment & Direct Stock Purchase Plan for investors in RPM International Inc. Shareowner Service Plus Plan SM Investment Brochure Dividend Reinvestment & Direct Stock Purchase Plan for investors in RPM International Inc. CUSIP# 749685 10 3 Sponsored and Administered by: Wells Fargo

More information

Share Secured Visa Credit Card Agreement. 10.99% when you open your accounts, based on your credit worthiness.

Share Secured Visa Credit Card Agreement. 10.99% when you open your accounts, based on your credit worthiness. Share Secured Visa Credit Card Agreement Interest Rates and Interest Charges ANNUAL PERCENTAGE RATE (APR) for Purchases APR for Balance Transfers 10.99% 10.99% when you open your accounts, based on your

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE 700 Main St. P.O. Box 3398 Baton Rouge, LA 70821-3398 (800) 522-2748 Catalog# 42526309 ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the

More information

Remittance Transfer Rules Under Regulation E

Remittance Transfer Rules Under Regulation E Remittance Transfer Rules Under Regulation E This white paper is part of the Risk Management White Paper Series, which CUNA Mutual Group provides exclusively to its Bond policyholders. TABLE OF CONTENTS

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

DEBIT MASTERCARD AGREEMENT Revision 10-27-10

DEBIT MASTERCARD AGREEMENT Revision 10-27-10 Please read this disclosure carefully because it tells you your rights and obligation concerning Electronic Fund Transfers and your Debit MasterCard. You should keep this disclosure for further reference.

More information

a GAO-06-204 GAO INTERNATIONAL REMITTANCES Information on Products, Costs, and Consumer Disclosures

a GAO-06-204 GAO INTERNATIONAL REMITTANCES Information on Products, Costs, and Consumer Disclosures GAO United States Government Accountability Office Report to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate November 2005 INTERNATIONAL REMITTANCES Information on Products, Costs, and

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

FundZone Data Capture Form

FundZone Data Capture Form with Declaration Notice Online new business 1215 Who this form is for This form is for financial advisers to gather details to submit online new business on FundZone Filling in this form Gather all the

More information

electronic fund Transfers agreement and disclosure 1. eft services a. Visa Check Card (used as an atm Card).

electronic fund Transfers agreement and disclosure 1. eft services a. Visa Check Card (used as an atm Card). ELECTRONIC FUND TRANSFERs AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement is the contract which covers your and our rights and responsibilities concerning the electronic funds transfer

More information

Town & Country Federal Credit Union Visa CREDIT CARD AGREEMENT

Town & Country Federal Credit Union Visa CREDIT CARD AGREEMENT Town & Country Federal Credit Union Visa CREDIT CARD AGREEMENT In this Agreement the words you and your mean each and all of those who apply for the card or who sign the application. Card means a Visa

More information

Words importing only the singular shall include the plural and vice versa.

Words importing only the singular shall include the plural and vice versa. GENERAL TERMS AND CONDITIONS FOR DEBIT CARD 1. PHRASING Words importing only the singular shall include the plural and vice versa. Where the Account is a Joint Account, reference to single customer shall

More information

ICICI Bank Canada Student GIC Program Guide Complete Steps

ICICI Bank Canada Student GIC Program Guide Complete Steps ICICI Bank Canada Student GIC Program Guide Complete Steps This program guide outlines the details of the ICICI Bank Canada Student GIC Program, effective October, 2015. Unless otherwise stated, all fees

More information

VISA Variable Credit Card Agreement, Overdraft Protection Agreement, and Truth In Lending Disclosure Statement

VISA Variable Credit Card Agreement, Overdraft Protection Agreement, and Truth In Lending Disclosure Statement VISA Variable Credit Card Agreement, Overdraft Protection Agreement, and Truth In Lending Disclosure Statement This is your Cardholder Agreement with Provident Credit Union which outlines the terms to

More information

Deputy Governor for Regulation Prudential and Foreign Exchange Regulation Department. Primer of Exchange. Sending and receiving small amounts

Deputy Governor for Regulation Prudential and Foreign Exchange Regulation Department. Primer of Exchange. Sending and receiving small amounts Deputy Governor for Regulation Prudential and Foreign Exchange Regulation Department 2014 Primer of Exchange Sending and receiving small amounts Foreword The Banco Central do Brasil has produced this primer

More information

Cash only businesses don't have to worry about third parties or fees associated with other payment options. Cons of accepting only cash:

Cash only businesses don't have to worry about third parties or fees associated with other payment options. Cons of accepting only cash: Forms of Payment Accepting Cash Only Cash is the most commonly accepted and reliable form of payment for a business. Many small businesses operate as "cash only" merchants. Years ago this wouldn't have

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Funds Transfer Agreement is the contract which covers your and our rights and responsibilities concerning the electronic funds transfer

More information

Canada Agent. Compliance Guide

Canada Agent. Compliance Guide Anti-Money Laundering Compliance Guide Proceeds of Crime (Money Laundering) & Terrorist Financing Act (PCMLTFA) Canada Agent Compliance Guide Reporting Requirements Recordkeeping FINTRAC Resources Employee

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

3.90% introductory APR for six months.

3.90% introductory APR for six months. Important Account Terms Interest Rates and Interest Charges Annual Percentage Rate (APR) for Purchases and Balance Transfers 3.90% introductory APR for six months. APR for Cash Advances 17.99% How to Avoid

More information

lesson six banking services supplemental materials 04/09

lesson six banking services supplemental materials 04/09 lesson six banking services supplemental materials 04/09 banking terms account Money deposited with a financial institution for investment and/or safekeeping purposes. assets Items of monetary value (e.g.,

More information

SPECIFIC TERMS APPLICABLE TO YOUR HIGH YIELD CHECKING ACCOUNT

SPECIFIC TERMS APPLICABLE TO YOUR HIGH YIELD CHECKING ACCOUNT SPECIFIC TERMS APPLICABLE TO YOUR HIGH YIELD CHECKING ACCOUNT Variable Rate information. This account is subject to a Variable Rate. The interest rate and annual percentage yield (APY) may change at any

More information

Signature Advantage Checking. $25,000 or more None $24,999.99 or less $25.00

Signature Advantage Checking. $25,000 or more None $24,999.99 or less $25.00 Minimum Daily Total Deposit Balance Signature Advantage Checking $25,000 or more None $24,999.99 or less $25.00 - Minimum Opening Deposit: $00 - Minimum Total Deposit Balance: The sum of balances in the

More information

1.4. Will my Social Security and Supplemental Security Income benefits be safe?

1.4. Will my Social Security and Supplemental Security Income benefits be safe? 1. OVERVIEW 1.1. What is the Direct Express card? The Direct Express card is a prepaid debit card available to Social Security and Supplemental Security Income check recipients who wish to receive their

More information

POLICY & PROCEDURE DOCUMENT NUMBER: 3.3011. DIVISION: Finance & Administration. TITLE: Cash Operations Policy and Procedures. DATE: July 15, 2011

POLICY & PROCEDURE DOCUMENT NUMBER: 3.3011. DIVISION: Finance & Administration. TITLE: Cash Operations Policy and Procedures. DATE: July 15, 2011 POLICY & PROCEDURE DOCUMENT NUMBER: 3.3011 DIVISION: Finance & Administration TITLE: Cash Operations Policy and Procedures DATE: July 15, 2011 Authorized by: K. Ann Mead, VP for Finance & Administration

More information

Security Service Federal Credit Union Power MasterCard Business Credit Card. These APRs will vary with the market based on Prime Rate.

Security Service Federal Credit Union Power MasterCard Business Credit Card. These APRs will vary with the market based on Prime Rate. Security Service Federal Credit Union Power MasterCard Business Credit Card Interest Rates and Interest Charges Purchase Annual 6.74% to 8.74% based on your creditworthiness. Percentage Rate (APR) These

More information

Ascentra Credit Union ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE

Ascentra Credit Union ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE Ascentra Credit Union ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE This Electronic Funds Transfer Agreement is the contract which covers your and our rights and responsibilities concerning the electronic

More information

COLOMBIA - Tarjeta de Registro Consular www.colombiaemb.org/opencms/opencms/consulates/consulates.html Embassy: (202) 387-8338

COLOMBIA - Tarjeta de Registro Consular www.colombiaemb.org/opencms/opencms/consulates/consulates.html Embassy: (202) 387-8338 C o n s u l a r I D C a r d s What is a consular ID card? A Consumer Action Publication A consular ID card is a document that many consulates issue to identify the citizens of their country who reside

More information

"You" and "your" mean the account holder(s) and anyone else with authority to deposit, withdraw, or exercise control over the funds in the account.

You and your mean the account holder(s) and anyone else with authority to deposit, withdraw, or exercise control over the funds in the account. FIRST BANK KANSAS Information about Electronic Fund Transfers The Electronic Fund Transfer Act and Regulation E require banks to provide certain information to customers regarding electronic fund transfer

More information

Old Dominion National Bank Consumer ebanking Access Agreement and Electronic Fund Transfer Act Disclosure

Old Dominion National Bank Consumer ebanking Access Agreement and Electronic Fund Transfer Act Disclosure Old Dominion National Bank Consumer ebanking Access Agreement and Electronic Fund Transfer Act Disclosure Agreement This Agreement is a contract which establishes the rules governing your electronic access

More information

Visa Debit Card Agreement and Disclosures

Visa Debit Card Agreement and Disclosures www.starone.org Visa Debit Card Agreement and Disclosures 1. Definition of Parties 2. Agreement Acceptance 3. Sign Your Card 4. Account Access 5. Electronic Check Transactions 6. Illegal or Unlawful Transactions

More information

CREDIT CARD AGREEMENT

CREDIT CARD AGREEMENT CREDIT CARD AGREEMENT This agreement contains the terms and conditions that govern your 1st Financial Bank USA (Bank) MasterCard or Visa credit card account. The first time you or someone you authorize

More information

Sending money abroad. Plain text guide

Sending money abroad. Plain text guide Sending money abroad Plain text guide Contents Introduction 2 Ways to make international payments 3 Commonly asked questions 5 What is the cost to me of sending money abroad? 5 What is the cost to the

More information

A GUIDE TO YOUR ACCOUNT

A GUIDE TO YOUR ACCOUNT Checking Accounts A GUIDE TO YOUR ACCOUNT It is important that you understand exactly how your Heartland Checking account works! We have created this Guide to explain key fees and terms of your personal

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

EDISON INTERNATIONAL

EDISON INTERNATIONAL PROSPECTUS EDISON INTERNATIONAL Dividend Reinvestment and Direct Stock Purchase Plan Our Dividend Reinvestment and Direct Stock Purchase Plan (the Plan) provides you an economical and convenient method

More information

Fort Worth Community Credit Union Credit Card Agreement and Disclosure Statement For Your MasterCard or VISA Account

Fort Worth Community Credit Union Credit Card Agreement and Disclosure Statement For Your MasterCard or VISA Account Fort Worth Community Credit Union Credit Card Agreement and Disclosure Statement For Your MasterCard or VISA Account Notice: Read and retain this copy of your Credit Card Agreement and Disclosure Statement

More information

Arkansas IOLTA Foundation Guidebook For Attorneys and Financial Institutions

Arkansas IOLTA Foundation Guidebook For Attorneys and Financial Institutions Arkansas IOLTA Foundation Guidebook For Attorneys and Financial Institutions Arkansas IOLTA Foundation, Inc. 625 Marshall St., Ste. 0100 Little Rock, AR 72201 Telephone (501) 682 9421 Fax (501) 682 9415

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

WESTMORELAND COMMUNITY FEDERAL CREDIT UNION DEBIT CARD AGREEMENT AND DISCLOSURE

WESTMORELAND COMMUNITY FEDERAL CREDIT UNION DEBIT CARD AGREEMENT AND DISCLOSURE WESTMORELAND COMMUNITY FEDERAL CREDIT UNION DEBIT CARD AGREEMENT AND DISCLOSURE This Debit Card Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning

More information

Teacher's Guide. Lesson Six. Banking Services 04/09

Teacher's Guide. Lesson Six. Banking Services 04/09 Teacher's Guide $ Lesson Six Banking Services 04/09 banking services websites Students will make wise choices about their banking services once they understand such fundamentals as: selecting and managing

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

CREDIT CARD. Our terms and conditions for. Your credit card

CREDIT CARD. Our terms and conditions for. Your credit card CREDIT CARD Our terms and conditions for Your credit card 1 Introduction and Definitions 1.1 Scope These Terms and Conditions are a contract between you and BNZ. They apply to the use of your Card, including

More information

HOUSTON LAWYER REFERRAL SERVICE, INC. APPLICATION FOR MEMBERSHIP

HOUSTON LAWYER REFERRAL SERVICE, INC. APPLICATION FOR MEMBERSHIP HOUSTON LAWYER REFERRAL SERVICE, INC. APPLICATION FOR MEMBERSHIP The Houston Lawyer Referral Service, Inc. (HLRS) is a non-profit corporation sponsored by the Houston Bar Association, Houston Young Lawyers

More information

TOP TRUMPS Comparisons of how to pay for goods and services online

TOP TRUMPS Comparisons of how to pay for goods and services online Cash Cash is legal tender in the form of bank notes and coins Small value purchases e.g. cafes, shops Pocket money Repaying friends Cash is physically transferred from one person to the next, usually face-to-face

More information

Yes, your card will expire at a given date, which is printed on the front of your card.

Yes, your card will expire at a given date, which is printed on the front of your card. What is the Debenhams Prepaid Card? Debenhams Prepaid Card works in a similar way to a pay as you go mobile phone. You top up what you need, when you need it. You top the card up with money which can be

More information

Online Banking Agreement

Online Banking Agreement Online Banking Agreement Please read the Terms and Conditions below and "sign" below, by checking the box below and click submit. We recommend that you print a copy of this document and maintain a copy

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

Your Guide to Opening a Bank Account

Your Guide to Opening a Bank Account Take It to the Bank Your Guide to Opening a Bank Account All banks and credit unions participating in BANK ON DALLAS are offering accounts featuring: No-cost or low-cost checking accounts No minimum-balance

More information

VISA CLASSIC CONSUMER CREDIT CARD AGREEMENT

VISA CLASSIC CONSUMER CREDIT CARD AGREEMENT VISA CLASSIC CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening Disclosure. The Account Opening Disclosure

More information

WELCOME Follow this easy checklist to start your account off right!

WELCOME Follow this easy checklist to start your account off right! WELCOME Follow this easy checklist to start your account off right! Enroll in online banking services Enroll in Online Banking at (click on Enroll on the top red bar and enter your information) - Required

More information

Contact information for account assistance is listed on the last page of this brochure. Please read the following terms and conditions carefully.

Contact information for account assistance is listed on the last page of this brochure. Please read the following terms and conditions carefully. 2014 ELECTRONIC FUND TRANSFER DISCLOSURES AND AGREEMENT The following disclosures and agreement ( Disclosures and Agreement ) describe your rights, protection, and liabilities as a consumer, pursuant to

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE WITH APPLICATION

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE WITH APPLICATION ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE WITH APPLICATION This Electronic Fund Transfers Agreement is the contract which covers your and our rights and responsibilities concerning the electronic

More information

ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE

ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE By signing the Membership Application and/or Account Card or signing or using an Automated Teller Machine (ATM) Card, Visa Check Card (card), Mia24 Member

More information

Crossing the Border: Financial Access, Remittances, and Directo a México SM

Crossing the Border: Financial Access, Remittances, and Directo a México SM Crossing the Border: Financial Access, Remittances, and Directo a México SM June 4-6, 2006 Mexico City, Mexico 36ª Educational Session of the Instituto de los Mexicanos en el Exterior (IME), Banco de México,

More information

Table of Contents. Money Smart for Adults Curriculum Page 2 of 21

Table of Contents. Money Smart for Adults Curriculum Page 2 of 21 Table of Contents Checking In... 3 Pre-Test... 4 Introduction to Banks... 6 Types of Financial Institutions... 6 Opening and Maintaining a Bank Account... 7 Choosing a Bank and a Bank Account Checklist...

More information

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic

More information

VISA PLATINUM CONSUMER CREDIT CARD AGREEMENT

VISA PLATINUM CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Visa Credit Card Rates and Terms disclosure. The Fee Schedule means the Consumer Services Fee Schedule. The

More information

$25.00 or the amount of the required minimum payment, whichever is less, if you are ten (10) or more days late in making a payment.

$25.00 or the amount of the required minimum payment, whichever is less, if you are ten (10) or more days late in making a payment. This Addendum is incorporated into and becomes part of your LOANLINER Consumer Credit Card Agreement. Please keep this attached to your LOANLINER Consumer Credit Card Agreement. Interest Rates and Interest

More information

PLATINUM VISA, VISA GOLD REWARDS, SCHOOL REWARDS VISA AND/OR SECURED PLATINUM VISA AGREEMENT AND FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT

PLATINUM VISA, VISA GOLD REWARDS, SCHOOL REWARDS VISA AND/OR SECURED PLATINUM VISA AGREEMENT AND FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT AUG2014 PLATINUM VISA, VISA GOLD REWARDS, SCHOOL REWARDS VISA AND/OR SECURED PLATINUM VISA AGREEMENT AND FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT Purchase Annual Percentage Rate (APR) Balance Transfer

More information

POTENTIAL MONEY LAUNDERING WARNING SIGNS POTENTIAL ABUSIVE ACTS - CUSTOMER ACTIVITY WARNING SIGNS

POTENTIAL MONEY LAUNDERING WARNING SIGNS POTENTIAL ABUSIVE ACTS - CUSTOMER ACTIVITY WARNING SIGNS POTENTIAL MONEY LAUNDERING WARNING SIGNS POTENTIAL ABUSIVE ACTS - CUSTOMER ACTIVITY WARNING SIGNS Activity Inconsistent with the Customer s Business A customer opens several accounts for the type of business

More information