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That only worked because the funds didn’t bounce somewhere else first. Wire transfers are final.
by politician 5y ago
That only worked because the funds didn’t bounce somewhere else first. Wire transfers are final.
- otterley 5y agoThe wire transfer transaction may be final, but that’s not the end of the story. A court can subsequently compel the receiving bank or party to send the funds back to the sender.
- politician 5y agoThat’s true, but depending on the path, funds might end up in various jurisdictions, complicating the recovery story.
- charcircuit 5y agoThe same thing applies to crypto.
- otterley 5y agoDo you always know who you’re trading with in crypto? How do you identify the counterparty to make the demand from? This isn’t a problem with ordinary transactions, where the two parties have regulated organizations making the trade on their respective behalf. Even in stock trades, where the counterparties are anonymous, there is a mechanism for reversing trades because the system was designed for it.
- multjoy 5y agoUntil the two banks agree that it isn't. Errors happen all the time. https://bam.kalzumeus.com/archive/no-payments-are-final/ https://bam.kalzumeus.com/archive/no-payments-are-final/
- politician 5y ago“The finality of wires is path dependent” is a statement that I would agree with.