The Wire Transfer Procedure explains the steps necessary to ensure proper procedures are followed when processing wire transfer requests. Wire transfers are a service provided to customers to make funds immediately available to the receiving party. Wire transfers should be treated with special care and accuracy to prevent loss to the bank or the customer. This procedure applies to customers who are sending or receiving wire transfers and the financial institutions which process these requests. (8 pages, 1127 words)
Outgoing wires may be requested in person, over the phone, or by mail. Some customers request wires by phone and may have recurring wires. In these cases, it is important to ensure the Wire Transfer Agreement is on file. The customer must be informed that all wire transfers by phone are recorded. Wire requests by mail should be handled with extreme caution, and the customer should have all necessary agreements on file. Customers receiving wires must tell the financial institution sending the wire their full name and account number.
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