Lost wire transfer - UPDATE

[Merlemantel]

Well, file this under big bummer. I sent Marc Beneteau a down pymt from US to Canada by wire transfer. Used the swift # Marc provided, address, etc. The money has gone missing. Over a month. And my bank, Wells Fargo is giving me no real information, other than "in process" - I feel really disappointed, and I dont feel I can ask Marc to hold my slot. Yet, I have no idea when this money will be found, etc., or if, and I cannot afford to proceed and take the $$ as a loss. Has this happened to anyone else? (UPDATE - Buoyed by all of your replies, I tried again to move the corporate wheels. I finally spoke with someone who gave me real information. The money is sitting in a bank in Canada, with no where to go, as it was somehow misrouted there. I don't know why. Wells Fargo has sent tht Bank two requests to return the money, but they have not responded. I have names, emails, etc., for a local advocate/manager assigned to the case. I have a Fed ID. I feel optimistic for the first time that this will get resolved, but I don't know how long it will take. I know Marc is planning to start building in 2-3 months; I am hopeful I can get this resolved this week, and if I can, maybe we can go ahead with the build. Hope so.)

[David Eastwood]

That’s appalling. You should be tap-dancing on someone’s desk at Wells Fargo over this (metaphorically, of course - I’m sure no-one that any of us mere mortals deal with actually has a desk any more, let alone face-to-face availability).

I’ll save my own frustrations with international money transfer for another thread one day.

[Merlemantel]

Originally Posted by David Eastwood

That’s appalling. You should be tap-dancing on someone’s desk at Wells Fargo over this (metaphorically, of course - I’m sure no-one that any of us mere mortals deal with actually has a desk any more, let alone face-to-face availability).

I’ll save my own frustrations with international money transfer for another thread one day.

Hi David
I have called WF every week since this happened, and I am being put through the "not our dept, I am transferring you now" rigmarole, finally getting to the right place, only to be told it is in process and they have no updates. So, I am SOL.

[canuck7]

I would talk to Mark…double check the information he gave, swift number, etc…also update him on the situation…I haven’t worked with a luthier who has not been understanding in this situation.

Agree, you should not leave a Well Fargo branch until you have more information.

Does Swift have a separate site??

Finally, I use WISE, which has worked seamlessly in many countries, including Canada, European, Australia and NZ. I quit using all the others.

[David Eastwood]

Originally Posted by Merlemantel

Hi David
I have called WF every week since this happened, and I am being put through the "not our dept, I am transferring you now" rigmarole, finally getting to the right place, only to be told it is in process and they have no updates. So, I am SOL.

Keep at it! Your money is somewhere. If you continue to get nowhere, find a human to talk to. Contact local media. Contact your congressman (seriously - I have first-hand experience of how useful that can be.)

[sinistral]

The first thing I would do is confirm with Marc that the details you provided WF match the details that Marc provided you. It’s helpful to know if you made an error or not. If you gave WF incorrect account details (e.g., account number and name on the account don’t match), the receiving bank should have rejected the transfer request on the spot. WF should be able to trace the wire. You could also give the wire number to Marc and have him check with his bank to see if they received the wire.

Regarding WF, I would make sure that you lodge a complaint. If you are just asking for an update (or they treat your inquiry as a request and not a complaint), they can stonewall you. Banks have heightened requirements when dealing with complaints. Good luck with the process, and I hope it gets resolved quickly.

[Tim McKnight]

We have accepted wire transfers from foreign countries and it’s usually 1 business day to clear. We have to pay to receive the wire and the sender has to pay a fee to send it, which I think is fairly common at most banks.

You might consider filing a case with the BBB. Sometimes that works to get sluggish cases off center and there is no cost to you. Small claims court is another option if it’s under $5K?

[Merlemantel]

Originally Posted by canuck7

I would talk to Mark…double check the information he gave, swift number, etc…also update him on the situation…I haven’t worked with a luthier who has not been understanding in this situation.

Agree, you should not leave a Well Fargo branch until you have more information.

Does Swift have a separate site??

Finally, I use WISE, which has worked seamlessly in many countries, including Canada, European, Australia and NZ. I quit using all the others.

I have been in frequent contact with Marc. I used the form he supplied to initiate the transfer.

[Merlemantel]

Originally Posted by Tim McKnight

We have accepted wire transfers from foreign countries and it’s usually 1 business day to clear. We have to pay to receive the wire and the sender has to pay a fee to send it, which I think is fairly common at most banks.

You might consider filing a case with the BBB. Sometimes that works to get sluggish cases off center and there is no cost to you. Small claims court is another option if it’s under $5K?

Yes, I will do those things, but meanwhile, Marc is holding a spot for me coming up in a couple three months. I will keep pressing WF for info. If they can just locate it, so that I know I won't ultimately lose it, I will feel better about this. I used the form Marc supplied, the same one he has used for multiple other folks without an issue. The money left my bank acct within three days. I have no explanation for what has happened.

[Guitars44me]

Originally Posted by Merlemantel

Yes, I will do those things, but meanwhile, Marc is holding a spot for me coming up in a couple three months. I will keep pressing WF for info. If they can just locate it, so that I know I won't ultimately lose it, I will feel better about this. I used the form Marc supplied, the same one he has used for multiple other folks without an issue. The money left my bank acct within three days. I have no explanation for what has happened.

Banks…. Arrgh. Sigh

Good on ya. Keep on em!!! Good idea about your congress person.
I would be quite liable to move into a WF lobby and refuse to leave until the manager talks to their manager’s manager!

And good for Marc for keeping you in que.

All the best on this

Paul

[Merlemantel]

Originally Posted by Guitars44me

Banks…. Arrgh. Sigh

Good on ya. Keep on em!!! Good idea about your congress person.
I would be quite liable to move into a WF lobby and refuse to leave until the manager talks to their manager’s manager!

And good for Marc for keeping you in que.

All the best on this

Paul

Thanks Paul

[TBman]

Contact WF and ask for the fraud department. Tell them the story. It's their job to give people a hard time, outside of WF and internally as well.

While you are talking to them mention that your lawyer suggested contacting the police. That will probably get their attention.

[Merlemantel]

Originally Posted by sinistral

The first thing I would do is confirm with Marc that the details you provided WF match the details that Marc provided you. It’s helpful to know if you made an error or not. If you gave WF incorrect account details (e.g., account number and name on the account don’t match), the receiving bank should have rejected the transfer request on the spot. WF should be able to trace the wire. You could also give the wire number to Marc and have him check with his bank to see if they received the wire.

Regarding WF, I would make sure that you lodge a complaint. If you are just asking for an update (or they treat your inquiry as a request and not a complaint), they can stonewall you. Banks have heightened requirements when dealing with complaints. Good luck with the process, and I hope it gets resolved quickly.

He provided a form that I used

[Merlemantel]

Originally Posted by TBman

Contact WF and ask for the fraud department. Tell them the story. It's their job to give people a hard time, outside of WF and internally as well.

While you are talking to them mention that your lawyer suggested contacting the police. That will probably get their attention.

I’ve talked to the fraud department three times, but I haven’t yet threatened to sue

[nootis]

Just a heads up for anyone reading this thread. I wouldn’t rely solely on email communication. Call and very information like routing and account numbers verbally. I have a construction business and had been in email contact with my customer asking for payment. They always pay via ACH. When payment didn’t arrive, I finally just called them. To my surprise, the person I have always dealt with told me that I had emailed her asking her to change my wire instructions. Hackers had penetrated our Microsoft Exchange. I asked her to send me the false communication that she told me about, and after doing so, I realized the hackers were communicating with both of us. They had added an extra “l” to my email address and an extra “l” to their email in those communications (both my name and my customer has two l’s in our name). My customer had tried to do the wire per the false instructions, but inadvertently messed up the account number and it didn’t go through. My phone call was timely because it foiled the plot prior to my customer trying again. They were sending me a payment for $575k! It was an eye opening lesson to say the least.

To the OP, I’m glad Mark is working with you. Keep being persistent with WF and good luck.