Question: Should I return a wire transfer received for a member who is not associated with the specified account number?
Answer: Reference is made to UCC §4A-207(b) and (c). If you are aware of the discrepancy before paying the
wire to the account named by number, you should return the wire (4A-207(b)(2).
If you were unaware of the discrepancy and credited the account named by number, the originator or his bank may be able to recover from
the person who received the payment if he was not the person intended to receive payment (4A-207(c)).
The original version appeared in the September/October 2004 edition of the Oklahoma Bankers Association Compliance Informer.
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