How to get the wired money back. Name on the recipient account did not match, but Chase bank somehow processed that.

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Feb 23, 2018
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#1
Chase accepted my wire transfer, even though name of the recipient did not match with the account number. Later we have found that it is a fraudulent account. Account seems to be still open, but I cannot talk to Chase, since the wire was done from a different bank. Anyone had similar cases? Where to complain and what to do to get my money back? Any help/suggestion is appreciated.
 
Sep 19, 2015
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#4
Oh boy, Some banks do not check that the name and account match. Have you asked B of A to contact the wire department to see what sort of wire verification procedure they have. Hopefully the wire would be declined and money sent back --- but not all banks do the verifying
 
Feb 23, 2018
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#5
Well, BoA just tells that different banks have different policies, and they are not sure what kind of verifications Chase does. I was surprised that there are banks that do not verify the incoming wires. Especially one of the largest banks in US, Chase. Event banks in third countries verify that information. It is ridiculous, in the era of technological advancements,, one can just have a typo in the account number and loose their money because Chase bank does not do proper verification.
 
Feb 17, 2018
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#6
You might find this interesting, as the federal bank, in accordance with federal law, does relies on the identifying number regardless of the name on the account. I do not know if or how this may pertain to individual banks who use the system.

§ 210.27 Reliance on identifying number.

(b)Reliance by a Federal Reserve Bank on number to identify beneficiary. A Federal Reserve Bank, acting as a beneficiary's bank, may rely on the number in a payment order that identifies the beneficiary, even if it identifies a person different from the person identified by name in the payment order, if the Federal Reserve Bank does not know of such an inconsistency in identification. A Federal Reserve Bank has no duty to detect any such inconsistency in identification.
 
Sep 19, 2015
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#7
If there is a typo hopefully there is no account with that number and the wire will be returned, Can the branch manager at B of A talk to his counter parts at Chase?
 
Likes: VoR61
Feb 23, 2018
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#8
Unfortunately the only communication that branch manager of BoA has, is to send SWIFT messages to another bank. And branch manager is going through BoA wire department. So the communication is only possible between wire departments at both banks as I understand. I have tried to find a Chase bank branch, to see if I can talk to someone there, but unfortunately Chase does not operate in our state.
 

Neil Maley

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Staff Member
Advocate
Dec 27, 2014
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www.promalvacations.com
#9
If the person who received the money doesn’t send it back you are basically out of luck- you wired cash. The banks go by the SWIFT code and bank account number you provide, not the name on the account. If the customer had left the money in the account you wired to, them the bank may be able to get the money back. I hope that will be the case for you.

You say it was a fraudulent account- can you detail what exactly happened? What were you wiring funds for?

We have seen this happen many times when people are paying for a rental of an apartment or home through places like VRBO. Those home share companies tell people to wire the money through the share company and not to send money to an owner via wire directly as that they s how scammers work. And consumers that have done this can’t get their money back.

Did something similar happen?
 
Likes: jsn55
Sep 19, 2015
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#11
How long ago was the wire transfer done?

There are no regulations requiring that a bank verify that the name matches the account -- that is why wire transfer fraud is on the increase; I believe that the UK has similar problems.