wire transfer worries!

[ssharma1121]

My fiancee and I decided to buy a e-ring yesterday from Union diamond. We wired them the $8000 last night at 6 pm from commerce bank. The customer service guy at the bank didn''t seem to know what he was doing and he was confused by UD''s wiring instructions, but he followed them the best he could. We called Jeff at UD afterwards, and he said we had wired the money correctly. Well, UD has still not received the money. I am really worried (since this purchase wipes out more than half of fiance''s bank account). Could the money have been sent to the wrong account? What happened? The guy at commerce bank told us the wire transfer would occur this morning, but it could take 1-2 days. Jeff at UD said it takes 1-3 hours when the banks are open. How long should I wait?

 

[Lorelei]

Date: 8/26/2008 2:05:11 PM
Author:ssharma1121
My fiancee and I decided to buy a e-ring yesterday from Union diamond. We wired them the $8000 last night at 6 pm from commerce bank. The customer service guy at the bank didn't seem to know what he was doing and he was confused by UD's wiring instructions, but he followed them the best he could. We called Jeff at UD afterwards, and he said we had wired the money correctly. Well, UD has still not received the money. I am really worried (since this purchase wipes out more than half of fiance's bank account). Could the money have been sent to the wrong account? What happened? The guy at commerce bank told us the wire transfer would occur this morning, but it could take 1-2 days. Jeff at UD said it takes 1-3 hours when the banks are open. How long should I wait?

Hang tight, sometimes they can take a little while to clear, it can take a day or so. Your bank can always put a tracer on it if it doesn't show up, but it is still early for it to hit the destination account - I wouldn't worry yet and UD are reputable.

 

[stone_seeker]

Date: 8/26/2008 2:05:11 PM
Author:ssharma1121
My fiancee and I decided to buy a e-ring yesterday from Union diamond. We wired them the $8000 last night at 6 pm from commerce bank. The customer service guy at the bank didn''t seem to know what he was doing and he was confused by UD''s wiring instructions, but he followed them the best he could. We called Jeff at UD afterwards, and he said we had wired the money correctly. Well, UD has still not received the money. I am really worried (since this purchase wipes out more than half of fiance''s bank account). Could the money have been sent to the wrong account? What happened? The guy at commerce bank told us the wire transfer would occur this morning, but it could take 1-2 days. Jeff at UD said it takes 1-3 hours when the banks are open. How long should I wait?

It should hit today. Ask the sending bank for a fed reference # also and as Lorelei said, they cna trace it.

Do not worry - the money doesnt just disappear.

 

[csullivan13]

Hi,

One thing with Commerce is though they have extended hours, anything after 6pm (I think) is technically done on the next banking day so it should process today. I''m not positive what time they end their banking day but I would bet that this is why it''s delayed.

Congrats on your new ring!

 

[dbsdiamonds]

A bank wire is an immediate process. It should be able to be verified immediately on the receive end.

Problem is many banks say they are doing the wire "right this moment" and in reality they forward the wiring info to a department who handles the wiring. They''ll assign a "control" number to the wire for you which will be 5 to 8 digits.

What you want is a "federal id transfer" number which is usually 15 to 20 digits long and can include a few letters mixed in, sort of like an identification number on a car.

Then, when receiver calls their bank to confirm the assumption is the banker knows what they are doing. One bank is notorious for taking a day or two to confirm. This is bogus. They are looking at "today''s" screen instead of "incoming funds" screen. If they went to the right screen they would see the funds posted already to the receiver account. So no slight on the receiver, it''s the bankers that play this game or don''t do their job right.

Get the Fed Id number and provide to your receiver. If they call their bank with this number AND they get their banker to look at the "incoming funds" screen then you will get the verification you need. Other than that you are stuck the extra day so until the receiver sees the funds in their account on their end.

Marty
CEO/Pres
Diamond Brokerage Service, Inc
www.dbsdiamonds.com

 

[Lorelei]

Date: 8/26/2008 2:24:04 PM
Author: dbsdiamonds
A bank wire is an immediate process. It should be able to be verified immediately on the receive end.

Problem is many banks say they are doing the wire ''right this moment'' and in reality they forward the wiring info to a department who handles the wiring. They''ll assign a ''control'' number to the wire for you which will be 5 to 8 digits.

What you want is a ''federal id transfer'' number which is usually 15 to 20 digits long and can include a few letters mixed in, sort of like an identification number on a car.

Then, when receiver calls their bank to confirm the assumption is the banker knows what they are doing. One bank is notorious for taking a day or two to confirm. This is bogus. They are looking at ''today''s'' screen instead of ''incoming funds'' screen. If they went to the right screen they would see the funds posted already to the receiver account. So no slight on the receiver, it''s the bankers that play this game or don''t do their job right.

Get the Fed Id number and provide to your receiver. If they call their bank with this number AND they get their banker to look at the ''incoming funds'' screen then you will get the verification you need. Other than that you are stuck the extra day so until the receiver sees the funds in their account on their end.

Marty
CEO/Pres
Diamond Brokerage Service, Inc
www.dbsdiamonds.com

Good info, thanks Marty!

 

[Ellen]

When I wired to GOG, it had to be in by 1 PM that day, to have it clear that day, but it still took til the next. As others have said, hang tight. It will be ok!

 

[strmrdr]

My bank does them all in one batch at the end of the day.
They use a service for it and they are uploaded to the service then the service does the transaction when they get to it the next day.
Then they have a 24 hour hold on incoming wires.
Banks suck and are starting to suck more and more is the bottom line.

 

[Mrs Mitchell]

Strm, your experience sounds a lot like mine, only I think they hold them way longer than a day sometimes here. The Worst Bank in the World (TM) loves to disrupt my spending and make me look foolish. Every time I try to buy something from the US, they freeze my account to ''protect'' me from fraudulent activity. Yup, banks suck alright.

I''m sure Whiteflash thought I was trying to steal diamonds at one point.

Lesley Harris'' patience was incredible, given that I was a first time customer there. We gave up in the end and stopped the wire, then used a different payment method, but the money never got lost, it just didn''t go to Whiteflash. Don''t worry, it will be ok! I just wired money to DBL for my maternity gift so I''m hoping they receive the cash before my child graduates.

 

[WinkHPD]

Date: 8/26/2008 2:24:04 PM
Author: dbsdiamonds
A bank wire is an immediate process. It should be able to be verified immediately on the receive end.

Problem is many banks say they are doing the wire ''right this moment'' and in reality they forward the wiring info to a department who handles the wiring. They''ll assign a ''control'' number to the wire for you which will be 5 to 8 digits.

What you want is a ''federal id transfer'' number which is usually 15 to 20 digits long and can include a few letters mixed in, sort of like an identification number on a car.

Then, when receiver calls their bank to confirm the assumption is the banker knows what they are doing. One bank is notorious for taking a day or two to confirm. This is bogus. They are looking at ''today''s'' screen instead of ''incoming funds'' screen. If they went to the right screen they would see the funds posted already to the receiver account. So no slight on the receiver, it''s the bankers that play this game or don''t do their job right.

Get the Fed Id number and provide to your receiver. If they call their bank with this number AND they get their banker to look at the ''incoming funds'' screen then you will get the verification you need. Other than that you are stuck the extra day so until the receiver sees the funds in their account on their end.

Marty
CEO/Pres
Diamond Brokerage Service, Inc
www.dbsdiamonds.com

RE: A bank wire is an immediate process. It should be able to be verified immediately on the receive end.

That may be true in the big city, but it normally takes one to two days for us to receive money from Belgium or to send it there. We also have to have our outgoing wires in by 1:00 PM or they will not go out until the next day. "Course we live in Boise, things happen slower and more gently here...

Wink

 

[elle_chris]

It depends on the bank. Citibank is terrible at wire transfters. We had to call them numerous times to finally get it done. This was over 24 hours after doing it initially. They would have held if for god knows how liong if we didn''t take it up to management. I''d call the bank if i were you to see what''s going on.

 

[mikeyinga]

A wire is one day good funds. If you get the domestic wire in to your bank before their cutoff - typically 4pm (has nothing to do with whether you're in the big city, or not) the wire will go same day and be received same day with funds immediately available. The money is coming from the federal reserve so there is no reason to "hold" the money, etc.

2 day, or 3-day electronic money is typically an ACH. Similar to a wire in that it is an electronic transfer of funds between parties; however, it takes one - three days to settle depending upon the ACH type used.

Wires typically cost $10-$15.

ACHs typically cost $.25-$.75 per item.

If your bank isn't processing a wire timely, change banks and report them to your local bank regulators.

In the scenario described where the wire was sent at 6pm, that was surely after the cutoff window and would be processed for credit the following morning.

Don't assume the wire will "show-up". Once it enters into the Fed system, it can be tracked, but there is no requirement, or guarantee that it will be returned if it was sent to the wrong party. Request a FedID as soon as possible and have the originating bank place a tracer on the wire.

Hope this helps (guy with a 15year commercial lending/banking background)

 

[kingfish]

What is the current status? Did it go through?

 

[lovegem]

Actually this happened to us too.
It took us 4 tries to get the wire done.

ok. based on my experience what happen is that if you do the wire during their business hours (presumably before 4 pm for most banks), the wire would be there in couple hrs or immediately. If you do it after business hour, it will take 1 to 2 business days. Don''t ask me why. I just know because of the many unsuccessful transfers.