Chatfield's American Banker letter addresses Western Union story

<p>NEW YORK – In a letter to the editor published in the Dec. 14 American Banker, California and Nevada CU Leagues President/CEO Dave Chatfield said Western Union may be right that banks aren’t entering the international money transfer business any time soon, but credit unions are. Chatfield was reacting to a Nov. 30. American Banker story in which Western Union defended its Mexico fee position on international money transfers. In the letter Chatfield explains how credit unions took on the challenge of giving U.S. residents a low-cost alternative to send money back to their families in Mexico through the IRnet system. Chatfield states, “Western Union may also be correct that the fees it charges for international transfers reflect its costs. The fact remains, however, that these fees are exorbitant for low-income customers, and take a substantial chunk out of the money being transferred..” “We originated IRnet to meet this challenge, knowing that as consumer-oriented, nonprofit cooperatives, credit unions can and should offer this service at the lowest cost and the best exchange rates. .”</p>