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Wire transfer error responsibility?
International wire transfer. Originating bank made a mistake of typing in wrong acccount number but
correctly spelled out the beneficiary of the account. Depositing bank received the account number but no beneficiary name from an intermediate bank, went ahead and deposited the amount into the wrong account number without validating the missing beneficiary account name.
This happened 25 days ago. We notced this week (day 20). Bank trying to get the amount from
the account where the funds were wrongfully deposited, claiming legal obligations requires them
to notify the account holder. Meanwhile, we are stuck without working capital for current projects
and the originating bank will not resend the wire transfer without seeing their funds back.
Who's fault is this and is there a speedier way of getting this resolved?
Typos can be made day in and day out, that is why most wire transfers have BOTH the account number and beneficiary name on that account. How can the receiving bank deposit into an account without validating the beneficiary name against the account number?
1 Answer
- Spock (rhp)Lv 71 decade ago
the bank that made the typing error is at fault and is responsible.
speedier way? doubtful.
can you sue for consequential damages? maybe -- what does the wire transfer contract say?
Source(s): retired businessman
