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#2155907 - 12/04/17 06:07 PM Incorrect Account Number Provided by Consumer
TeamComply Offline
100 Club

Registered: 08/30/16
Posts: 131
In the case of an incorrect account number being provided by the consumer for a remittance transfer, bank sends the wire as requested and the wire is returned (due to incorrect account number), is oral notification to consumer (customer) sufficient or must this be done in writing under the remittance transfer rules? In this type of situation, bank typically notifies customer orally, customer obtains correct account number and wire is resent. Under the error resolution requirements does anything need to be sent to the customer in writing? Thanks.

Remittance Transfer Rule
#2155909 - 12/04/17 06:32 PM Re: Incorrect Account Number Provided by Consumer [Re: TeamComply]
John Burnett Offline

10K Club

Registered: 10/27/00
Posts: 37456
Loc: Cape Cod
In reverse of the order your questions were asked:

Comment 33(c)-1 indicates that if you are responding to a consumer's error claim after determining that no error or a different error occurred, your have to provide a written explanation of your findings. Otherwise, your notice that an error occurred as described by the sender can be written or oral.

As for your first question, oral notice to the sender is sufficient. In fact, because it can be speedier than a written message via nsail mail, the oral notice is probably preferable.
John S. Burnett
Professional Compliance Nerd since 1976
Bankers' Threads User #8