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Can you describe the process? As far as I've known, up until the moment the transfer occurs, the bank can indeed reverse it if they are suspicious. But the mome
by ksaj 7y ago
Can you describe the process? As far as I've known, up until the moment the transfer occurs, the bank can indeed reverse it if they are suspicious. But the moment the other bank accepts the transfer, it is game over, and the delivery is complete and permanent.
- parliament32 7y agoThe UCC[1] requires that wire transfers are reversible for 60 days, although only in very special circumstances (only fraud and bank error basically). The receiving (beneficiary's) bank is on the hook for collecting the money back from them. In cases other than fraud and bank error, the timeline and process depends. Basically ask your bank really nicely, they'll ask the receiving bank really nicely, and if everyone agrees with your reasons (and the money is still there) you'll most likely get it back. There has to be a way to reverse wires, otherwise if the teller fat-fingers an extra zero onto the end of your requested amount you'd be SOL. [1]https://en.wikipedia.org/wiki/Uniform_Commercial_Code https://en.wikipedia.org/wiki/Uniform_Commercial_Code
- ksaj 7y agoThanks for the description and the link. I recall being told bank criminals typically used transfers because they couldn't be reversed once completed - especially if the transfer went overseas. Maybe it came from an armchair expert, or confusion over the old Swiss numbered accounts, and just became "common knowledge" from there.