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My bank (SunTrust) has tried twice to send a domestic wire transfer to the account of my real estate broker. Both times it has failed. I have proofed each transfer form as has my real estate broker (the printed receipt) and there are no errors on either form.
One thing that I am wondering: the name on the broker's account is his corporate name, which is Spanish. No one will say THAT is the reason, but could it be?
All my bank will say is the message on the 'failures' are: the account number and name do not match.
The only 'thing' that doesn't match are two 'accent marks' that appear in the broker's corporate name but cannot be typed from my bank's keyboard.
Accent marks I've never found to be an issue. Account number account name and account address can all mess it up. There also can be an intermediary bank such as
From dothetwist @ Bank of America
To jpm bank aba 111000014 account 122394&575 Xyz bank
For further credit to bañjo brokers account 348392919
Have you asked the broker has this ever happened before ? Also have him call his bank and ask them what needs to change for the transfer to be accepted.
Ok.....it's a tad more complicated and I left out details because I feared it would go off track to a political discussion.
We are buying a house in Mexico, but the broker has a US bank account. FYI...we bought a house in MX in 2008 in the same village and that broker used a Laredo TX bank account. In any case, in either case these are Domestic Wires (not international).
This broker uses a NY bank. HOWEVER, the name on the account is definitively Mexican, whereas the broker we used in 2008 had a very 'American sounding' business name.
My bank in US is experienced in sending wire transfers....in fact, my husband had his deceased Dad's trust account there and with 3 siblings and lots of transactions we figure the same banker sent over 15 wire transfers for him in the past year. Never a hiccup.
My agent at the real estate broker in MX is 'trying to get to the bottom of this.' But our banker here is getting nervous for us. All her feedback from the Wire Dept. is that 'that's not the name for that account number.' My agent in MX says they do lots of sales to foreigners (but most are Canadian I think). She says she's seen them bounce back in the past, but they eventually go thru. If I hadn't bought a house here before (2008) I'd be apt to back out of the deal pronto. But this isn't 2008; there's a new sheriff in town.
We are frankly wondering if the change in US administration is behind this issue.
I'd ask them for the name information from a bank statement so you can check and see if it really does match up. A returned wire saying there isn't a match normally is the receiving bank's system rejecting it (and it usually takes a day or two) so I doubt it's a Trump administration thing.
Chase screwed up an overseas wire transfer I sent to family. Nobody bothered to tell me it didn't go through. The recipient had to tell me two weeks after Christmas that it hadn't arrived.
Verify that the information is for a "wire" transfer and not a typical ACH; they use different numbers. Many "wire" transfers have been goofed up because standard account information was used as if an ACH when they needed the "wire" transfer info and codes.
The Mexican broker gave me another US bank account to wire the money to. It is also held in the name of Banco Monex (they are a holding company, not technically a bank). This wire came back fast....reason: account closed.
My banker is nervous (which makes me nervous!).
I googled Banco Monex. They were (are?) in a Bloomberg story in 2015 as being included in the Citibank investigation of money laundering.
The article mentioned that many US banks have closed Banco Monex accounts.
I think we're going to pull the plug on dealing with Monex....this wire is for the 10% downpayment....even if we manage to get one of these Monex wire transfers to work on this deposit...we fear in a few months when the 90% balance is due, that it could be even harder to get that large sum wire transfered to a Banco Monex account.
PS: I also read that under US banking laws, if a wire transfer is rejected due to AML issues (anti money laundering) that will not be revealed to the sender.
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