Fox community credit union
world is watching credit union wire transfers, The
It may have been the most widely watched wire transfer in the world. An employee of Community Credit Union in Plano, Texas, used the World Council of Credit Unions' IRnet program to wire money to a relative in Mexico.
On the receiving end was Mexico's President, Vicente Fox, and an auditorium full of Mexicans celebrating Fox's first 100 days as President.
Half a continent away, The New York Times published a front-page story quoting Maritta Bush of the Texas Credit Union League.
Why all the attention? America's credit unions are playing a lead role in fulfilling Mexico's mission to cut fees on U.S. money sent to Mexico.
Texas League President Dick Ensweiler, who served on Fox's transition team, says the Fox Administration is "thrilled" with the IRnet, because its fees are 40%-70% lower.
Short for international Remittance Network, the IRnet could open the door to 14 million potential credit union members. These potential members - Mexican-Americans -- make $7 billion worth of wire transfers in the U.S. But two-thirds are not served by U.S. institutions.
Free to any credit union, the World Council's hardware and software partner can set up an in-house IRnet system to wire money to 41 countries, including 4,000 outlets in Mexico. The credit union receives $7 for each transfer.
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Copyright Credit Union National Association, Inc. Mar 12, 2001
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