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Expat Community > Philippines

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Banking

5 years ago
Has anyone heard or aware of a so call new policy with some banks when it comes to IAT formatting. This just popped up at my bank, MetroBank but this issue has been around as far as I know since 2009. In summary, the Bank Remittance Department in a letter wants the way funds are sent ACH in this new format, which SS and VA comply but other pension may not, leaving the banks exposed to fines, a HomeLand Security requirement of course. This issue has only arose at one bank, but it can be a concern if we are left with short notice, if other banks follow. Any comments?

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