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#1871421 - 11/14/13 10:08 PM Wire Transfer Callbacks
one auditor Offline
100 Club
Joined: Apr 2004
Posts: 104
Midwest
What would be your opinion be for eliminating callbacks under the following outgoing wire situation (only for title companies):

1) Pertains only to customers of the bank who are title companies.
2) They use eCorp system (online business banking/cash management) to initiate outgoing wires.
3) Token authentication is used at eCorp login and at the transaction level (the wire).
4) Funds are not auto released; subject to review by the wire room.
5) These outgoing wires are non-templated (not reoccurring).
6) Bank policy is to perform callbacks on all non-templated wires over a certain amount.
7) Title companies will not do busines with bank if callbacks are to be performed given the above.

Thank you.

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Audit
#1871441 - 11/14/13 10:52 PM Re: Wire Transfer Callbacks one auditor
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
It all depends on your written wire contract/agreement. Talk to your legal counsel on whether or not the agreed upon security procedures are commercially reasonable. That will be the only opinion worth anything to you.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1871444 - 11/14/13 10:59 PM Re: Wire Transfer Callbacks rlcarey
one auditor Offline
100 Club
Joined: Apr 2004
Posts: 104
Midwest
Thank you for your reply. I figured something might have to be changed in our Wire Transfer Agreement in order to limit liability by not performing callbacks as it is mentioned that callbacks would be performed. Good idea for legal counsel to review the agreement.

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