Loan Servicing
Choice Money TransferAbout
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:Consent Order
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
Oct. 4, 2022, WASHINGTON, DC — The Consumer Financial Protection Bureau (CFPB) is taking action against Choice Money Transfer (Choice Money) for multiple violations of the Remittance Transfer Rule and the Electronic Fund Transfer Act (EFTA).
The CFPB found the company did not accurately disclose important prepayment information to remittance senders, such as money transfer fees, current exchange rates and the date the recipient would receive the funds. The company also had deficient recordkeeping practices that made it difficult for consumers to dispute erroneous transactions and receive a refund of certain fees. The CFPB is ordering Choice Money to pay a $950,000 penalty that will be deposited into the CFPB’s victims relief fund.
Choice Money (doing business as Small World Money Transfer) is a nonbank remittance provider incorporated in New York and headquartered in Englewood Cliffs, N.J. Choice Money is a subsidiary of United Kingdom-based Small World Financial Services Group Limited. Choice Money is licensed in 27 states and the District of Columbia, operates a nationwide network of over 2,000 agents, and transmits money to over 90 countries. Choice Money currently handles approximately 500,000 transfers a month.
Business Details
- Local BBB:
- BBB Serving New Jersey
- BBB File Opened:
- 6/28/2021
- Business Started:
- 12/19/2003
- Business Started Locally:
- 8/5/2013
- Business Incorporated:
- 12/19/2003
- Type of Entity:
- Corporation
- Alternate Names:
- Giro Express
- Small World Money Transfer
- Business Management:
- Mr. Kevin Neuschatz, President
Additional Contact Information
- Principal Contacts
- Mr. Kevin Neuschatz, President
- Customer Contacts
- Mr. Kevin Neuschatz, President
- Additional Email Addresses
- Primary: Email this Business
Additional Information
- Business Categories
- Loan Servicing
More Resources
Featured Content
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.