I thought it could be helpful and informative from time to time to address certain regulatory issues we face as a credit union and how these changes affect you, our members. Many of these changes are mandatory — meaning we must comply with certain State and Federal laws.
An important topic I’d like to touch upon is the new wire transfer legislation. As many of you may be aware, Congress amended the Electronic Fund Transfer Act (as part of the Dodd-Frank Act) which created four new compliance requirements affecting foreign remittance transfers. These requirements were enacted in the name of consumer protection, but have created additional internal processing costs for Tech CU — meaning that we have had to raise our fees for those of you who use this service to cover these costs. While some local credit unions have stopped providing this service to their members, we will continue to service all of your wire transfer needs, albeit with higher fees.
We understand your frustration with having to pay more for something that our credit union has long prided ourselves in offering at a lower cost. One way to share your concern is by writing to your local Congressional representative. The more we mobilize towards certain topics, the more we can possibly enact change.
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