Notice of Changes to our External Transfers Service*

In an effort to improve your online and mobile banking experience, we will be adding a new external transfer service to our product offerings on 10/10/2024. In preparation for this change, we will be discontinuing the external transfer service within Bill Pay as of 10/09/2024.

What you need to know:

  •  As of 10/09/2024, external transfers will no longer be available within Bill Pay and you will no longer be able to transfer funds to or from external accounts using the transfer feature within Bill Pay
  • External transfers created on 10/09/2024 until 5 p.m. CST will be processed. No new transactions will be processed after 5 p.m. CST on 10/09/2024
  • We recommend canceling recurring or future-dated transfers that are scheduled for delivery after 10/09/2024. No recurring or future-dated transfers will be processed after 10/09/2024
  • Transfers initiated before 5 p.m. CST on 10/09/2024 will be processed
  • To review your transfers history, you will need to review your bank statement
  • As of 10/10/2024, external transfers will be available within online and mobile banking.

 

We appreciate your business. For questions and/or concerns, please contact our member service representatives at (888)353-0490 or at memberserv@swofcu.com.

*External Transfer Service is referring to transfers between your account with the credit union and an account that you are on at another financial institution.

 

Beneficial Owner Information to Financial Crimes Enforcement Network (FinCEN) 

FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.

Thus, through this interim final rule, all entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners will be exempt from the requirement to report BOI to FinCEN. Foreign entities that meet the new definition of a “reporting company” and do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new deadlines, detailed below. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner. For more information, see https://fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us.

For more information visit FinCen's BOI Webpage