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Accepting International Payments Just Got Harder..

I deposited a Money Order from Japan today, and was met with quite a suprise. My Bank (National City Bank, Ohio) slapped a 45 day hold on the funds! Their reason, simply, it is an international Money Order/Check, and their Fraud Department decided to implement this new rule about 1 month ago (without alerting any of the banks customers), to protect their assets, because they have recently experienced a tremendous amount of fake/phony Mony Orders and Checks from international sources. This new rule (Federal Regulation "RegCC" applied to the extreme) applies to ANY non-USA source of funds (that means Canada too). Check with your bank before accepting a Non-USA Money Order, that's all I have to say. One last thing, look into "HyperWallet" for USA-Canada/Canada-USA shipping ( http://corp.hyperwallet.com/index.jsp )

Curtis
zorathustra

Showing 1 response by leedistad

leedistad
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http://www.businessedge.ca/article.cfm/newsID/11477.cfm

Here is an interesting article about Western Union's attempts to comply better with international fraud laws.

The article implys that if the transfer is not between friends or family, WU may start getting stickier about their processes. As they say, their core focus is not business transactions.
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