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Wrong Wire - Where's My Money?
How can I get money back that I tried to wire, but the account number was off by one digit?
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 A couple of things may have happened to your wire transfer. It's possible that the beneficiary's bank, when it recognized that the account number was invalid, researched the beneficiary name and corrected the account number for posting.
It's also possible that the account number, although incorrect, actually existed at the beneficiary's bank, and the wire was posted to that account. In that event, you can ask your bank to try to obtain a return of the funds, but the beneficiary's bank can refuse, because the payment was final. That can be both the advantage and risk of wire transfers. If the payment was credited to the wrong party's account due to your error, and if your bank notified you at or before the time you placed the wire order that the beneficiary's bank could credit the account identified by the account number in your instructions, your only recourse is to attempt recovery directly from the party that received your funds. If your bank failed to disclose that fact to you, the Uniform Commercial Code may provide you a defense and allow you to recover the funds directly from your bank. Finally, it's also possible that the beneficiary's bank's attempt to post the credit using the account number you supplied will fail, and the wire transfer will be returned.
Published on BankingQuestions.com 10/08/09
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