{"_id":"5bc11711ad497100034d3c56","project":"59f79e3c584eb200345ceafc","version":{"_id":"5ba178b00a916500030c6a21","project":"59f79e3c584eb200345ceafc","__v":24,"forked_from":"59f79e3c584eb200345ceaff","createdAt":"2015-09-17T03:47:20.956Z","releaseDate":"2015-09-17T03:47:20.956Z","categories":["5ba178b00a916500030c69a2","5ba178b00a916500030c69a3","5ba178b00a916500030c69a4","5ba178b00a916500030c69a5","5ba178b00a916500030c69a6","5ba178b00a916500030c69a7","5ba178b00a916500030c69a8","5ba178b00a916500030c69a9","5ba178b00a916500030c69aa","5ba178b00a916500030c69ab","5ba178b00a916500030c69ac","5afb6888212c690003ae3d3b","5ba178b00a916500030c69ad","5ba178b00a916500030c69ae","5ba2dcbc99f53f0003b97e2c","5babd73fa0ab3e0003ead030","5bb4038be7222e000334dd97","5bb55954478c1300031a44c2","5bb665a1607307000327c81e","5bb6f90229a7fb0003a0650d","5bb7f9bc29a7fb0003a07ac1","5bba58bd7ba7710003bd901d","5bba6dac7ba7710003bd908d","5bba6e257ba7710003bd9090","5bbac87810189c0003e619ea","5bbb9d02b5862c00036266b2","5bbbadb6219c3e000376c2de","5bc417751d1b0000182bf7f6","5bc59e3b2a5b4f0044db5b97","5bc7bbce2262cc0041f6eff2","5bce6a3580a7250031199f34","5bcfac2c4082510019f2d91b","5bcfac3757bed90030e45d68","5bcfac45d305bc0049941539","5bd2a43548bb6f00289c8fad","5bd3a42a026ebe001f66259e","5bd9d5afffe003005b02f97b","5becb7ee85c6b300557662b6"],"is_deprecated":false,"is_hidden":false,"is_beta":true,"is_stable":false,"codename":"","version_clean":"3.2.0","version":"3.2"},"category":{"_id":"5bb55954478c1300031a44c2","project":"59f79e3c584eb200345ceafc","version":"5ba178b00a916500030c6a21","__v":0,"sync":{"url":"","isSync":false},"reference":false,"createdAt":"2018-10-04T00:05:40.532Z","from_sync":false,"order":4,"slug":"wires","title":"Wires"},"user":"5bbfeeea7f922a0003f04c65","__v":0,"parentDoc":null,"updates":[],"next":{"pages":[],"description":""},"createdAt":"2018-10-12T21:50:09.398Z","link_external":false,"link_url":"","sync_unique":"","hidden":false,"api":{"results":{"codes":[]},"settings":"","auth":"required","params":[],"url":""},"isReference":false,"order":6,"body":"Wire transfers are electronic transfers, considered remittance transfers under US law, between two financial institutions. \n\nPer our legal agreement, Platforms must provide the following disclosures to their users and implement security procedures as detailed below. This is to ensure the users understand the risks associated with initiating a wire transfer, and the finality of the transaction. \n\n##Security Procedures\nAll users will be required to use a Two-Factor Authentication control, in addition to their login, to authorize a wire transfer. Additionally, users must agree that this control is an appropriate security procedure, designed to verify the authenticity of the order, and not to detect errors in transmission. \n\n##No Cancellation\nAll wire requests are final and are not subject to recall orders or stop payments. \n\n##Payment Order\nUsers may only initiate a wire transaction via the Platform’s website. The user is solely responsible for the accuracy of the information contained in the payment order. The wire transaction will be completed relying exclusively on the information provided by the user.  \n\n##Upon Initiating a Wire\nVia the wire services, users must authorize Evolve Bank & Trust to execute payment orders on their behalf and to debit the user's account specified in the payment order for the amount of the wire transfer.\n\n##Contact Information\nInclude our contact information on your customer support page. \n\n*\"Bank services are provided through our banking software provider, SynapseFI. To report a complaint relating to the bank services, email help:::at:::synapsefi.com.”*\n\n##Reg E Requirements \nPer Regulation E, outgoing foreign wire transfers, in excess of USD 15, sent by consumers must be accompanied by a disclosure including the following information:\n* Exchange rate\n* Fees and taxes to be collected\n* Any fees charged by the companies’ agent abroad and intermediary institutions, if applicable\n* If appropriate, a disclaimer that additional fees and foreign taxes may apply\n* A receipt must be provided as well, listing:\n* When the funds will be available with the receiving institution\n* Information regarding the consumer’s right to cancel the transfer\n* Information outlining steps to take to resolve an error\n* How to submit complaints\n\nIn addition, the regulation generally requires: \n* Consumers have 30 minutes to cancel a transaction\n* Companies must investigate any errors or issues regarding a wire transfer, reported by the consumer\n* Companies are held responsible for mistakes made by their employees when accepting and processing wire transfers\n\n##Limited English Proficiency\nWhen processing wire transfers, customer bases with Limited English Proficiency (“LEP”), should be considered. CFPB released guidance related to LEP, as it relates to UDAAP law, ensuring disclosures are clear to consumers. Additionally, 12 CFR Part 1005 of Regulation E states:\nRequired disclosures must be made available in English and, if applicable, either in\nEach of the foreign languages principally used by the remittance transfer provider to advertise, solicit, or market remittance transfer services, at offices where a sender can conduct a transaction or assert an error; or\nThe foreign language primarily used by the sender with the remittance transfer provider to conduct the transaction, provided that such foreign language is used by the transfer provider to advertise, solicit, or market transfer services","excerpt":"Legal disclosures for Wires","slug":"legal-disclosures-3","type":"basic","title":"Legal Disclosures"}

Legal Disclosures

Legal disclosures for Wires

Wire transfers are electronic transfers, considered remittance transfers under US law, between two financial institutions. Per our legal agreement, Platforms must provide the following disclosures to their users and implement security procedures as detailed below. This is to ensure the users understand the risks associated with initiating a wire transfer, and the finality of the transaction. ##Security Procedures All users will be required to use a Two-Factor Authentication control, in addition to their login, to authorize a wire transfer. Additionally, users must agree that this control is an appropriate security procedure, designed to verify the authenticity of the order, and not to detect errors in transmission. ##No Cancellation All wire requests are final and are not subject to recall orders or stop payments. ##Payment Order Users may only initiate a wire transaction via the Platform’s website. The user is solely responsible for the accuracy of the information contained in the payment order. The wire transaction will be completed relying exclusively on the information provided by the user. ##Upon Initiating a Wire Via the wire services, users must authorize Evolve Bank & Trust to execute payment orders on their behalf and to debit the user's account specified in the payment order for the amount of the wire transfer. ##Contact Information Include our contact information on your customer support page. *"Bank services are provided through our banking software provider, SynapseFI. To report a complaint relating to the bank services, email [email protected]”* ##Reg E Requirements Per Regulation E, outgoing foreign wire transfers, in excess of USD 15, sent by consumers must be accompanied by a disclosure including the following information: * Exchange rate * Fees and taxes to be collected * Any fees charged by the companies’ agent abroad and intermediary institutions, if applicable * If appropriate, a disclaimer that additional fees and foreign taxes may apply * A receipt must be provided as well, listing: * When the funds will be available with the receiving institution * Information regarding the consumer’s right to cancel the transfer * Information outlining steps to take to resolve an error * How to submit complaints In addition, the regulation generally requires: * Consumers have 30 minutes to cancel a transaction * Companies must investigate any errors or issues regarding a wire transfer, reported by the consumer * Companies are held responsible for mistakes made by their employees when accepting and processing wire transfers ##Limited English Proficiency When processing wire transfers, customer bases with Limited English Proficiency (“LEP”), should be considered. CFPB released guidance related to LEP, as it relates to UDAAP law, ensuring disclosures are clear to consumers. Additionally, 12 CFR Part 1005 of Regulation E states: Required disclosures must be made available in English and, if applicable, either in Each of the foreign languages principally used by the remittance transfer provider to advertise, solicit, or market remittance transfer services, at offices where a sender can conduct a transaction or assert an error; or The foreign language primarily used by the sender with the remittance transfer provider to conduct the transaction, provided that such foreign language is used by the transfer provider to advertise, solicit, or market transfer services