Thread Starter: Anonymous
Title: Re: Unauthorized wire transfer
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I have a hypothetical scenario which could use the expertise of this board.
Bank A sends a wire for their customer to Bank B for $1000. The customer at Bank B walks in and withdraws the funds.
The next day, Bank A's customer walks in and says "this is an unauthorized transaction! I didn't do it -- it's fraud!"
Bank A goes to back B requesting that the funds be returned. Is Bank B required to return those funds, taking a loss on their end? And what law/regulation would cover this?
Thank you!
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