Hello,

 

The following questions are for Wire Department processors, managers, etc. For reference, we utilize the DirectLine Wire function of SilverLake, and process approximately 60-70 daily, incoming/outgoing wires combined.

 

ð      With regard to Incoming Wire posting with Misdescription of Beneficiary/Beneficiary Name Mismatch, what type of process do you follow to decide whether to post or return?

ð      Do you post all wires based on account number only, without comparing beneficiary name on the wire vs the account title it is posting to?

ð      Or do you compare beneficiary name on the wire vs the account title it is posting to for each incoming wire?

ð      If so, what types of name mismatch do you allow for posting?

Examples:

          Account Title (A) Wire Beneficiary Name (W)

(A) The Archery Shop Company VS (W) Arrow Builders LLC

          (A) The Archery Shop Company VS (W) William Jones

          (A) The Archery Shop Company VS (W) The Archery Shop LLC

          (A) The Archery Shop Company VS (W) TASC

          (A) The Archery Shop Company VS (W) Archery Shop

(A) The Archery Shop Company VS (W) The Archery Shop Company of Pennsylvania

 

Regulation J leaves this question up for interpretation for banks that process incoming wires manually, instead of automatic posting/returning based solely on account number.

 

Any input is appreciated.

 

Thank you,

 

Sara Jones

Finance Department

AVP - Wire Transfer Supervisor

Peoples Security Bank and Trust Company

150 North Washington Ave

Scranton, PA 18503

Phone: 570-346-7741 Ext: 2371

Fax: 570-504-0779

Email: xxxxxx@psbt.com

 



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