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
Ama
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.
May have always been the case.
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I wouldn't worry too much.
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.