- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Troubleshooting a Missing Wire Transfer
Yesterday, I underwent a significant financial transaction, transferring 50k from one bank to another using wire transfer. The process seemed secure as a representative contacted me for verification before processing the transfer. After witnessing the pending funds in the recipient bank account a few hours later, I felt reassured about the transaction’s legitimacy. To safeguard my interests, I also exported the transaction history.
However, a puzzling twist occurred later that night when the pending transaction inexplicably vanished. As a result, my 50k investment seemed to have disappeared without a trace, leaving me in a precarious financial situation.
Upon reporting the issue to my home bank, they reassured me that the transfer had been successfully executed, sharing tracking details as proof. Subsequently, I contacted the recipient bank to shed light on the situation. Disappointingly, they confirmed that my wire transfer had been rejected, citing verification discrepancies and potential inaccuracies in the provided information.
Consequently, I find myself at a loss of 50k, prompting concerns about the potential recovery of my funds. The uncertainty surrounding the resolution of this matter raises fears of permanent financial loss.
Thankfully, AI Legalese Decoder can prove to be an invaluable tool in navigating such complex financial predicaments. By leveraging its advanced algorithms and machine learning capabilities, this innovative technology can analyze and interpret legal jargon present in communication with banks and financial institutions. By decoding complex language and providing simplified explanations, AI Legalese Decoder can assist in clarifying the terms and conditions governing the wire transfer process. This can empower individuals like me to better understand their rights and options in similar situations, ultimately facilitating informed decision-making and potentially aiding in the resolution of financial disputes.
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****** just grabbed a
The money will end up at one of the two banks within a week. I’ve been down this road before. In the meantime just sit back, have a beer, and wait for this to all blow over.
it’s also normal for a bank rep to call and ask about wire info. make sure you’re getting the right info (sometimes wires have intermediary banks they go through and/or sometimes a wire’s 9 digit routing number is different than the 9 digit ach routing number).
also, it’s honestly a good thing that wire rejected. if you inputted the wrong info, you know it’s not lost. wire rejections can sometimes take an extra day or so, i’d follow up with the bank you sent the funds from during local business hours to explain what happened. you might incur like a $25 wire bounce fee or something, but that sure beats a lost 50k
This happened to me. You’ll get your money. It will show up back at your original bank in a few days.
Hey this actually happened to me a couple weeks ago with the same amount of money! It came back into my original account. Even though I did the wire in the branch it still got bounced by their fraud team at the receiving bank for some reason.
My dad had to go into his bank branch and put some note on his account about a transfer coming in. Or something. He struggles with that kind of stuff. After it showed back in my account a couple days later we sent it again and it went through.
Most likely incorrect routing info. Your money will be back in 3-5 business days.
Most people use the routing number on their checks/direct deposit. This is incorrect as that is your ACH routing info. Wires go through ABA routing which is an entirely different routing number.
It’ll probably end up at the original bank if it got rejected. Either way, it’ll appear. Same thing happened to me when I wired $26,000 for my wedding venue. I had chest pain for about 4 days until the payment posted
Normally to prevent this issue, I send myself a small amount of money as a test run to make sure money ends up in the correct accounts. But everything will be ok 🙂
What do you mean “a scam”? Why did you send yourself money between accounts?
Next post: just got a random wire transfer into my account. Did I just make 50k?
Wires are impossible to lose, name on the receiver account must match the bank name and number too or it’s sent back to the sender I do international ones all the time. It happened once where I miss typed my account number.
i’ve had multiple accounts at the same and different banks in the USA. you can create transfers on the website if you put in the account and routing numbers. i don’t get why you would wire money between US accounts.
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with international it’s different and has to go through third parties and services
You called both banks and they didn’t describe the process of a wire rejection to you, so you ask reddit instead? I’d be dialing back and getting all the details if 50k was on the line!
Wiring yourself seems like a silly way to transfer. Don’t either of these banks support linking an external account? Then you could push or pull.
Wire transfers are very low tech and involve humans on both ends, so things can be a little slow.
It will probably work out on its own and your funds will be back at the original bank.
Nevertheless it would be a good idea to get some screenshots/pdfs of all the transaction records you have. The “Fed reference number” is a particularly important item to have a record of.
I transferred 50k between banks recently and there were several days where the money seemed in limbo.
I worked in a branch bank in Nv of a large international bank for a year or two. We had a customer wire himself $50mm from one of his European accounts. That wire was lost for over a week. Eventually it showed up. This was before most of the Know Your Client rules, but my guess is that the bank wanted to make sure the money was from a legal source.
Stuff like this is why I do a $10 piece of Mind test transaction before I send real transactions
tbh cant believe we still use wire transfers in 2024. sent one for the first time a few months ago and was absolutely appalled at the process. even the least UX friendly crypto network i’ve ever used was easier and of course more reliable
A couple of months ago the ACH transfer system glitched one night and very few banks knew about it.
Most of my life savings was invisible for around 24 hours. It was quite a stressful day and the glitch was not something that the average CS worker was aware of .
Crazy
Always gotta send yourself a test wire first, like $40-50 or something just to make sure everything is good. Regardless, your money will appear back in the original bank after a few days. I’ve had two rejected wire transfers in my life and both times it took maybe 3-4 business days for the wired money to come back to me.
Manage treasury at a larger commercial org, it will show up. Something flagged it and it will likely be returned to the first bank or more likely the fraud dept at the second will call and verify its real and then let it go through. I would assume this is a larger wire for you and not common, this would set off most banks red flags as something they should check into. Honestly this is a good thing, it means your bank is taking weird transactions seriously.
No big deal, I send wires every day. Just ask for the IMAD number, and give that to the receiving bank. They should be able to track it down. It is typically just stuck in the banks top-level clearing acct.
It’ll show up again in your account after a few days if it was rejected. Wires are fairly quick, rejections are snail slow though.
call the rep and ask them to execute a trace on the wire (wire trace)
The last time I wired money with the wrong account numbers it took about a week to be returned.
Banks are very good at getting money where it needs to go. It is a critical part of their operation.
All is well.
Always send $100 first and make sure it goes through before doing big chunks of change. I’ve been down this road before, just recently switched a banks and it went smoothly by making sure the $100 went through first. Takes time for things to post to accounts in the banking world
Wire transfers and even ACH transfers will show as pending, then sent, but you don’t receive the money on the other end for a day or two.. then it will show as pending, then a couple days later, clear. No need to worry.
It takes a few days for the money to move from one bank to the other.
You know, because banks are poor and they still use steam engine computers.
Why not do a transfer to an external bank account (instead of wire)?
Yeah i had a nearly month-long story where i sent a trivial amount of money over a trivial transaction, to get blocked and returned (each time after a week’s wait) without a visible reason, and then randomly working on the 4th try. Maybe someone just got too lazy rejecting it. That shit is crazy. But, this isn’t crypto – there’s really no way for the money to “get lost” in SWIFT or Fedwire.
Sometimes the addresses don’t match up. Maybe the service rep input a wrong number. Rest assured the funds are not lost. They are in a general ledger from the sending bank and will be there until the funds have settled at your receiving bank ◡̈ wires are a quick and easy way to send money, but just be aware that the info you give must have to perform a wire is recipient’s name, recipient’s address (like their personal, not the banks), and lastly the routing and the account number.
It’s been a while but had this happen annd each bank blamed the other at first. Limbo for two weeks, eventually it escalated up the receiving bank’s chain of command where someone admitted they were processing transaction to make sure funds weren’t suspicious or something like that. Even though both banks were in the same country we were in. We understood it to have been a fluke and investigation proved funds were valid so we wired funds again months later. Same thing. Except closer to over 30 days of holding the funds.
After decades with the receiving bank we obviously had to switch banks.
Mentioned the story to a friend and they weren’t surprised, that bank had been investigated about ignoring obvious criminal activity or something similar and then decided to go overboard with scrutinizing funds or something.
>I had a representative call me to confirm the information before they went through with it that morning.
What did you share with this representative? Did you hang-up and call them back through a known number? Always be weary when receiving calls from financial institutions.
Lol
Ur gonna be fine, but the anxiety sucks. Similar thing happened to me earlier this month and it was the exact same amount!! Took me like 9 days to get it back in account but while it was in transit neither bank could provide much info