§ 1005.34 Procedures for cancellation and refund of remittance transfers.

  1. a.(a) Sender right of cancellation and refund.Except as provided in § 1005.36(c), a remittance transfer provider shall comply with the requirements of this section with respect to any oral or written request to cancel a remittance transfer from the sender that is received by the provider no later than 30 minutes after the sender makes payment in connection with the remittance transfer if:

    1. 1.(1) The request to cancel enables the provider to identify the sender's name and address or telephone number and the particular transfer to be cancelled; and

    2. 2.(2) The transferred funds have not been picked up by the designated recipient or deposited into an account of the designated recipient.

    Official Interpretation to 34(a)

  2. b.(b) Time limits and refund requirements.A remittance transfer provider shall refund, at no additional cost to the sender, the total amount of funds provided by the sender in connection with a remittance transfer, including any fees and, to the extent not prohibited by law, taxes imposed in connection with the remittance transfer, within three business days of receiving a sender's request to cancel the remittance transfer.

    Official Interpretation to 34(b)