Skip to content

Incoming Wire Where Only 1 Name On Beneficiary #

Answered by: 

For an incoming wire where the Beneficiary Name is two people with &and as the separator, but only one of them is on the Beneficiary Account Number, are we required to return the wire because both names are not on the account, or can we credit the wire to the account given since one of the names is on the account?

If your wire system does "straight-through" processing or you were otherwise not aware of the facts as you describe them until after crediting the account identified by number in the wire instructions, your payment is acceptance of the wire transfer, you are entitled to payment by the originator's bank, and payment is final.

If, on the other hand, your procedure is to examine wire transfer instructions to verify payee information against your account information, and you become aware of the discrepancy you've described, you should refuse the transfer due to the account ownership/payee mismatch.

See UCC 4A-207(b) for details.

First published on 12/01/2014

Filed under: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics