According to the Dodd Frank remittance transfer rule, what must customers be informed of at the time of a transaction?

The correct answer is based on the Dodd-Frank remittance transfer rule, which requires that consumers be informed of critical financial details to ensure transparency in money transfer services. Specifically, customers must be provided with information regarding the fees associated with the transaction and the total amount the recipient will receive, sometimes referred to as the total payout amount.

This requirement aims to protect consumers by ensuring they are fully aware of any costs involved in the transfer and how much the intended recipient will actually receive after those costs are accounted for. This transparency enables better decision-making for customers by allowing them to compare options and understand the financial implications of their transfer.

Understanding fees and the total payout amount helps prevent unexpected surprises for both the sender and the recipient, leading to a more informed and satisfactory transaction experience.