Wire transfer issue

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InvestorNewb
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Wire transfer issue

Post by InvestorNewb » Wed Apr 27, 2016 12:20 pm

Hello,

Last week, I submitted a wire transfer form with my bank account details to receive funds from a well-known company. The funds are being sent from the US to Canada. Yesterday, I realized that two pieces of information were missing from the form because they were not labelled on the form: CHIPS and CHIPS UID. Everything else is correct as far as I can see. These two numbers are found on my bank's wire transfer page and they are bank-specific. The account-specific numbers are correct.

I am just wondering if I can still expect the money to arrive. It's about $6k so not a small amount. I was told it could take between 7-15 days, and we are now approaching 10 days. The customer service at my bank hasn't been very helpful with this issue.

Is there any risk of not receiving it?
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)

TerryDMillerMBA
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Re: Wire transfer issue

Post by TerryDMillerMBA » Wed Apr 27, 2016 6:08 pm

There is a risk of not receiving it. They possibly can straighten it out without that info.

From Investopedia:
Because the CHIPS UID number can be used by the clearing system to look up the needed banking information of a payment's recipient (e.g. routing number and account number), payment orders can be entered into the system simply with the CHIPS UID number. This simplicity reduces the occurrence of errors in transaction entry and speeds up the process for all parties.

edge
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Location: Great Falls VA

Re: Wire transfer issue

Post by edge » Wed Apr 27, 2016 6:35 pm

Do you mean you submitted a form to the company to send money to your bank? It almost sounds like you submitted a request to the bank to receive funds which is weird. Wires usually are submitted by the sender of funds.

This form sounds a bit confusing because your bank might not even participate on CHIPS - so the CHIPS # may be optional. Smaller banks do not participate on CHIPS because it requires more sophisticated liquidity and counter-party management than Fedwire which is a simple RTGS. Did you also submit a SWIFT BIC or a Fedwire ID/routing #?

InvestorNewb wrote:Hello,

Last week, I submitted a wire transfer form with my bank account details to receive funds from a well-known company. The funds are being sent from the US to Canada. Yesterday, I realized that two pieces of information were missing from the form because they were not labelled on the form: CHIPS and CHIPS UID. Everything else is correct as far as I can see. These two numbers are found on my bank's wire transfer page and they are bank-specific. The account-specific numbers are correct.

I am just wondering if I can still expect the money to arrive. It's about $6k so not a small amount. I was told it could take between 7-15 days, and we are now approaching 10 days. The customer service at my bank hasn't been very helpful with this issue.

Is there any risk of not receiving it?

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InvestorNewb
Posts: 1570
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Re: Wire transfer issue

Post by InvestorNewb » Thu Apr 28, 2016 8:41 am

Thanks for the responses. In my case, I didn't submit the CHIPS UID number at all.

edge wrote:Do you mean you submitted a form to the company to send money to your bank? It almost sounds like you submitted a request to the bank to receive funds which is weird. Wires usually are submitted by the sender of funds.

This form sounds a bit confusing because your bank might not even participate on CHIPS - so the CHIPS # may be optional. Smaller banks do not participate on CHIPS because it requires more sophisticated liquidity and counter-party management than Fedwire which is a simple RTGS. Did you also submit a SWIFT BIC or a Fedwire ID/routing #?

That's correct - I submitted a form to the company (that was made by the company) to send the wire transfer to my bank.

My bank does have a CHIPS # as I saw it on their web site afterwards. But when I filled out the company form, there was no mention of any CHIPS number so I wouldn't have known where to put it at the time.

I submitted the following info:

Country
Bank Name
USA Branch Name
Bank Address
Beneficiary Account Holder Name
SWIFT Code
Account Number
Transit number (bank code)
Institution number (branch code)

There were two additional fields where neither I, nor my bank rep, were sure what to put:

Bank Code
Branch Code

Looking back, these two fields must have been the CHIPS and CHIPS UID which we completely omitted from the form. :oops:
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)

edge
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Re: Wire transfer issue

Post by edge » Thu Apr 28, 2016 10:50 am

Then they will probably send it by fedwire or far less likely, SWIFT. For this small dollar amount I wonder why they didn't just send it via ach?

I'm not sure why you expect the customer service at your bank to be able to help you with this. Until the money comes in they don't have visibility. The best thing would be to ask the company who received your form...

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InvestorNewb
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Re: Wire transfer issue

Post by InvestorNewb » Thu Apr 28, 2016 11:00 am

edge wrote:Then they will probably send it by fedwire or far less likely, SWIFT. For this small dollar amount I wonder why they didn't just send it via ach?

I'm not sure why you expect the customer service at your bank to be able to help you with this. Until the money comes in they don't have visibility. The best thing would be to ask the company who received your form...

I feel like my bank could have been more helpful when I initially completed the form. The form specifically stated to "please contact your bank if you're not sure what some of these things are." I did that and we were basically guessing what goes where.

I also emailed my bank with some questions regarding the correctness of the form but I have yet to hear back.
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)

123
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Re: Wire transfer issue

Post by 123 » Thu Apr 28, 2016 11:02 am

I don't think a normal bank retail customer can be expected to know CHIPS/FEDWIRE/SWIFT routing codes. The bank money transfer personnel should be able to deal with those issues, particularly if a field on a form is not labeled/identified. If such a code is furnished I would think the bank should be obligated to check and make sure it is the correct code. So if you furnish such a code it helps the bank to confirm the identity and routing for where the money is going but the absence of the code shouldn't materially delay things. Many companies try to make you do their work for them these days.

In banking, depending on the size of the bank and the business relationships involved, an international money transfer can go through one or more intermediate banks.

They're a bank and they should know how to get the money from one bank to another, that's why they're in the banking business. If they can't do that they shouldn't be in business.
The closest helping hand is at the end of your own arm.

edge
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Re: Wire transfer issue

Post by edge » Thu Apr 28, 2016 11:59 am

Just sounds like the company put together a crappy form and handed off customer service to your bank. Lol!

'Bank code' / 'branch code' is highly ambiguous. To a bank rep each could mean several different things. It seems this company put together the form with only the lens of the company's ability to make payments and not banks generally. To then pawn off responsibility of deciphering it to 'your bank' is just sloppy.

Again, to the comments above, the beneficiary bank has zero visibility of this payment until they receive the related messages.

InvestorNewb wrote:
edge wrote:Then they will probably send it by fedwire or far less likely, SWIFT. For this small dollar amount I wonder why they didn't just send it via ach?

I'm not sure why you expect the customer service at your bank to be able to help you with this. Until the money comes in they don't have visibility. The best thing would be to ask the company who received your form...

I feel like my bank could have been more helpful when I initially completed the form. The form specifically stated to "please contact your bank if you're not sure what some of these things are." I did that and we were basically guessing what goes where.

I also emailed my bank with some questions regarding the correctness of the form but I have yet to hear back.

goingup
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Re: Wire transfer issue

Post by goingup » Thu Apr 28, 2016 1:10 pm

InvestorNewb wrote:I was told it could take between 7-15 days, and we are now approaching 10 days.

I'd just be patient and wait. I'd be antsy at day 16 not day 10. :)

If it doesn't arrive wouldn't you call the appropriate dept of the company that was wiring you the money?

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InvestorNewb
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Re: Wire transfer issue

Post by InvestorNewb » Thu Apr 28, 2016 1:28 pm

goingup wrote:
InvestorNewb wrote:I was told it could take between 7-15 days, and we are now approaching 10 days.

I'd just be patient and wait. I'd be antsy at day 16 not day 10. :)

If it doesn't arrive wouldn't you call the appropriate dept of the company that was wiring you the money?

I will wait it out. The reason why I'm antsy is because different people at the company have given me different answers as to when the funds will arrive. 1-2 days, 7-15 days, 20-30 days. Wire transfers do not typically take this long. That is the whole point of a wire transfer.

Also: Originally, they told me I would receive the funds on my credit card. This was well over a month ago. I was told to wait up to four weeks for the funds to be credited to the card. After waiting the four weeks, I emailed them asking why I had not received the credit yet. They told me it was due to a "technical glitch" on their part, and that they would wire the money to me instead. So I've already done my fair share of waiting.
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)

goingup
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Re: Wire transfer issue

Post by goingup » Thu Apr 28, 2016 2:13 pm

InvestorNewb wrote:
goingup wrote:
InvestorNewb wrote:I was told it could take between 7-15 days, and we are now approaching 10 days.

I'd just be patient and wait. I'd be antsy at day 16 not day 10. :)

If it doesn't arrive wouldn't you call the appropriate dept of the company that was wiring you the money?

I will wait it out. The reason why I'm antsy is because different people at the company have given me different answers as to when the funds will arrive. 1-2 days, 7-15 days, 20-30 days. Wire transfers do not typically take this long. That is the whole point of a wire transfer.

Also: Originally, they told me I would receive the funds on my credit card. This was well over a month ago. I was told to wait up to four weeks for the funds to be credited to the card. After waiting the four weeks, I emailed them asking why I had not received the credit yet. They told me it was due to a "technical glitch" on their part, and that they would wire the money to me instead. So I've already done my fair share of waiting.

Got it. I had assumed you were being paid income/bonus by a US firm to your CA bank account. This sounds like a credit or refund situation?

If you suspect you're getting the run-around I'd have to agree with you. I wonder if wire transfers have a confirmation number which you could request as proof that this company has actually wired the funds?

edge
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Location: Great Falls VA

Re: Wire transfer issue

Post by edge » Thu Apr 28, 2016 3:33 pm

Wires (domestic) are real time in the case of fedwire and end of day netting in the case of chips. Even ACH would only take a couple of days.

The delays and problems you are facing are because of the the processes/policy of the company, not any bank.

InvestorNewb wrote:
goingup wrote:
InvestorNewb wrote:I was told it could take between 7-15 days, and we are now approaching 10 days.

I'd just be patient and wait. I'd be antsy at day 16 not day 10. :)

If it doesn't arrive wouldn't you call the appropriate dept of the company that was wiring you the money?

I will wait it out. The reason why I'm antsy is because different people at the company have given me different answers as to when the funds will arrive. 1-2 days, 7-15 days, 20-30 days. Wire transfers do not typically take this long. That is the whole point of a wire transfer.

Also: Originally, they told me I would receive the funds on my credit card. This was well over a month ago. I was told to wait up to four weeks for the funds to be credited to the card. After waiting the four weeks, I emailed them asking why I had not received the credit yet. They told me it was due to a "technical glitch" on their part, and that they would wire the money to me instead. So I've already done my fair share of waiting.

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