Wise US Inc.
vs. Wise US Inc.
On January 30, 2025, the Bureau issued an order against Wise US Inc., a nonbank remittance transfer provider headquartered in New York, New York. Wise is a subsidiary of Wise PLC, a publicly traded, global electronic money services corporation headquartered in the United Kingdom. Wise offers and provides consumers international money transfer services, known as remittance transfers, in 48 states, the District of Columbia, Guam, the U.S. Virgin Islands, and Puerto Rico. Wise also offers a prepaid product to allow customers to store and receive money in multiple currencies, as well as spend money using an optional, attached debit card. The January 30, 2025 Order resolved the Bureau’s administrative proceeding against Wise US Inc. under 12 U.S.C. §§ 5563 and 5565, for (1) its use of deceptive marketing disclosures relating to ATM fees leading to ATM fee overcharges in violation of the Consumer Financial Protection Act’s (CFPA) prohibition on unfair, deceptive, or abusive acts or practices, 12 U.S.C. §§ 5531, 5536, and (2) its failure to provide disclosures and notices, including change-in-term notices; failure to adhere to error resolution provisions and failure to correct errors; failure to comply with the retention of document requirements; and failure to develop and maintain policies and procedures that are designed to ensure compliance with error resolution requirements in violation of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. §§ 1693 et seq., and its implementing Regulation E, 12 C.F.R. pt. 1005.