Is a bank required to return an incoming wire when the beneficiary's information provided is insufficient or incorrect? Could it be okay for a bank to research and credit the correct beneficiary name and/or account number as a courtesy to the customer? Where can I find documentation that clarifies this?
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Wire transfers are governed by Article 4A of the Uniform Commercial Code. The rights and responsibilities of the parties to a payment order vary, depending on who initiated the order.
While the beneficiary's bank may decide to research and credit the beneficiary, if the bank doesn't realize that the account number and beneficiary name in the payment order are inconsistent, it can credit the wire amount to the account number in the order, but it may have to try to recover the funds if it turns out that the sender has the right to refuse to pay for the erroneous order. Because the outcome of a particular wire scenario depends upon several variables, a specific answer that will apply to all situations cannot be made here.
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Wire transfers are governed by Article 4A of the 