U.S. Economic Sanctions

Important Information about Economic Sanctions

The U.S. Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. U.S. economic sanctions and regulations are subject to change. Among other things, these sanctions and regulations prohibit and restrict access to certain financial services to include the ownership of accounts and movement of funds.

What this means for you

If you are traveling to or through countries subject to US economic sanctions, please contact the Credit Union of your departure to discuss how your access to BankFund accounts and services may be affected.

Advance notice does not guarantee availability of or access to services.

Members should be aware that their accounts and transactions may be subject to restriction without notice. When traveling to or through countries subject to sanctions, you are advised to make sure you have sufficient resources to accomplish your travel in the event of service disruption or account restriction.

Restrictions are not necessarily imposed by the credit union and may be due to a lack of service availability in that area. For example, in some countries automated teller machines (ATMs) may not be widely available, credit cards may not be widely accepted, or there may be specific requirements for currency.

Our Duty to You

As a not-for-profit financial cooperative, BankFund has a duty to all members to protect their assets from fine, penalty, and confiscation. BankFund was established under and is fully subject to the laws and regulations of the United States, including but not limited to laws and regulations governing U.S. economic sanctions towards various entities, individuals,
and countries.

BankFund reserves the right, at our sole discretion, to refuse all orders from or deposits into an existing account.

Additional Resources

For additional information about Sanctions Programs and Country Information, visit the OFAC website.

The U.S. Department of State publishes current travel alerts and warnings that may also include information on
currency restrictions.

Country-specific information may be found on that country’s Ministry of Tourism website.