When should a bank provide a summary of a remittance transfer?

A bank should provide a summary of a remittance transfer as part of the transaction process. This requirement is part of the regulatory framework established under the Electronic Fund Transfer Act (EFTA) and implemented by the Consumer Financial Protection Bureau (CFPB) regulations. Providing this summary during the transaction ensures that consumers receive timely and relevant information about the transfer, which includes details such as the amount sent, fees, and the exchange rate applied.

This approach enhances transparency and allows consumers to understand the costs associated with their remittance transfers. It empowers them to make informed decisions and promotes fair practices in remittance services. By integrating the summary into the transaction process, the bank ensures that customers have the information they need at the moment of the transaction, which supports responsible banking practices and builds trust between the bank and its customers.