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
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
Upvote
0
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!"
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!"
Upvote
0
Latest Articles
-
Andy Burnham's Manifesto for Small Business, and How It Stacks Up Against Count BinfaceIf all goes to plan (or rather, to Labour's timetable), Andy Burnham...
- Ozzy
- Updated:
-
SEO in the Age of AI: What UK Small Businesses Actually Need to KnowTL;DR Search has shifted from "ten blue links" to answer engines, and...
- Ozzy
- Updated:
-
What Carphone Warehouse, Microsoft and Uber Have in Common: They Started in a DownturnThere's a comforting myth that you need a booming economy to start...
- Ozzy
- Updated:
-
What Makes a Small Business Actually Sellable?There's a question that a lot of small business owners never think to...
- Ozzy
- Updated:
-
Why Your Team Keeps Asking the Same Questions (And What to Actually Do About It)Every small business owner knows the moment. You're halfway through...
- Ozzy
- Updated:
