|
 |
Home >> Accounts
Is there a Hold on a Wire Transfer?
In a bank-to-bank wire transfer, is there a hold put on the receiving funds? If so, for how long? Would this be considered T/T?
|
|
 Generally, the funds from a wire into your account will not be held. The bank sending the funds should ensure that the funds are good. A wire that was sent in error may be recalled. We see this a lot more often today as internet banking accounts are hacked.
A common scenario is that logon credentials get recorded due to a malicious program installed on a customer's computer. A hacker gets that password and user name, as an example, and wires money out of the account. If the sending bank or customer see this and recognizes it as an unauthorized transfer, they will attempt to have the bank that received the funds, return them. The person owning the receiving account may be an unsuspecting part of the crime. More banks are looking at funds in and out of accounts that are not typical transactions for them. Unless there is a question, the funds are typically available immediately.
[I'm sorry, but I'm not sure what your "T/T" abbreviation means, but I hope this answers your question.]
Published on BankingQuestions.com 3/09/10
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
