Wire transfers

[David Lindon]

I'm having a problem with a wire transfer payment, basicaly I haven't received it and both the senders bank and my bank are saying its the others fault. But who is really to blame in situations like this?

[lisastorey]

Hi David,

In the UK it would be the sending banks responsibility to prove that they had sent the payment by one of the clearing methods (BACS or CHAPS). It would then be up to clearing system operators to sort the dispute out.

I'm not familiar with the US wire system but I assume there is an organisation which processes the payments, I would argue that only they can sort the dispute out.

Hope this helps.
Lisa

[Ozzy]

I had a similar situation as this were I had sent payment to a supplier by BACS, but the supplier had not received it. It was showing as gone from my bank statement, but it was my banks responsability to put a trace on the funds prove they had sent it to the receiving bank.
Once my bank had proved they had handed it to the other bank it became their responsability to find it, but it didnt reach that stage with me because my supplier "suddenly found it on their bank statement!" :)