Banks going to Fedral for Wire transfers

amatrine

Crazy Cat Lady
Joined
Jul 3, 2002
Location
Arizona City, Az
I got a notice from my bank that all wire transfers will now be done through the fedral trade bank. Hmm , Wonder if it is because of the new regualtions.

Ama
 

lojo

Banned User - repetitive violations of <a href="ht
Joined
Jan 18, 2007
Location
USA
May have always been the case.

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National Settlement Service
The National Settlement Service (NSS) allows participants in private-sector clearing arrangements to exchange and settle transactions on a net basis through reserve or clearing account balances. NSS is available to arrangements that settle across Federal Reserve Districts as well as to arrangements that settle entirely within a single Federal Reserve District. There are approximately seventy NSS participants including check clearinghouse associations, automated clearinghouse (ACH) networks, and credit card processors.

I wouldn't worry too much.:eek:
 
Last edited:

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
Don't buy it.

May have always been the case.

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I wouldn't worry too much.:eek:


If that is how it "was always done", why send a notice to the customer?

It is very likely how the banks are going to implement the new regulations. Far easier to do so if all transfers are handled centrally rather than each bank working their own solution. I am pretty certain that part of the process will be to check the wire transfers against a central recipient blacklist and returning those that are not to be allowed. No doubt, the customer will then have to justify, and identify, the recipient with a view to having them removed from the blacklist.
 

amatrine

Crazy Cat Lady
Joined
Jul 3, 2002
Location
Arizona City, Az
Re

Not to mention that the feds will now know any size transfer wired in or wired out. I dont like it. Before anything over 10,000 gets reported to the feds, but now they will even know if its 20 bucks. Too much big brother.

Ama
 

lojo

Banned User - repetitive violations of <a href="ht
Joined
Jan 18, 2007
Location
USA
If that is how it "was always done", why send a notice to the customer?

To cover their asses? 'oh, btw, all of your transactions are monitored by the federal government, just thought we'd let you in on that so you can't say we never told you. Our hands are clean now, you're on your own. Don't try to sue us, we never promised privacy anyway'. the process has probably always been the same (networks of ACH) but the oversight has changed. That's what I'm guessing. Hyperbole and conjecture on my part.

It is very likely how the banks are going to implement the new regulations. Far easier to do so if all transfers are handled centrally rather than each bank working their own solution. I am pretty certain that part of the process will be to check the wire transfers against a central recipient blacklist and returning those that are not to be allowed. No doubt, the customer will then have to justify, and identify, the recipient with a view to having them removed from the blacklist.

Makes sense
 

amatrine

Crazy Cat Lady
Joined
Jul 3, 2002
Location
Arizona City, Az
Re

No, this is not how it was always done at my bank. They sent the new routing numbers etc,... so its different. :( Being that my credit union is realted to the school district it does not surprise me.

Ama
 
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