Frank Dodd Act -- Consumer Wires

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DR_Guy

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Feb 17, 2010
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All, need some advice here. I have been living abroad for eight years and have a house in the DR. I am now working in another country, but still call the DR home on my days off.

I have been banking with the same USA bank for 20 years. In the past I made wire transfer to various businesses in the DR. I am now buying a new car and sent in my new wire transfer request. The bank came back and said that under the Frank Dodd Act, I now have to come in the bank "in person" and sign the request. However, since I have sent money to my BanReservas account before Frank Dodd (who is this prick, anyways) they can do that wire transfer. Thats a fallback, but I am not in the DR and it takes a week to get your funds released.

Anyone have a similar experience or a work around?

Thanks
:mad::mad::mad::mad::mad::mad::mad::mad:
 

DR_Guy

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Feb 17, 2010
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thanks, exactly what I thought. Bank is closed and W/T staff is skeleton. Hopefully they can clear this up on Monday.
 

jimmythegreek

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Dec 4, 2008
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All, need some advice here. I have been living abroad for eight years and have a house in the DR. I am now working in another country, but still call the DR home on my days off.

I have been banking with the same USA bank for 20 years. In the past I made wire transfer to various businesses in the DR. I am now buying a new car and sent in my new wire transfer request. The bank came back and said that under the Frank Dodd Act, I now have to come in the bank "in person" and sign the request. However, since I have sent money to my BanReservas account before Frank Dodd (who is this prick, anyways) they can do that wire transfer. Thats a fallback, but I am not in the DR and it takes a week to get your funds released.

Anyone have a similar experience or a work around?

Thanks
:mad::mad::mad::mad::mad::mad::mad::mad:

Well at least you can still do the wire request, but more complicated in person. Some U.S. banks and other financial institutions will not do international wire transfers at all anymore due to the Dodd Frank regs, because the liability is too burdensome. I can tell you from my own experience that one financial institution flat out denied my international wire transfer request stating that the Dodd Frank regs have made it impossible for them to continue doing such transactions. They will still do domestic wire transfers and checks, however.
 
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