Recurring Wire Transfer Agreement


I agree 100% that we do not give up a recall. Giving your client this “convenience” in relation to the risk of fraud is not worth it. We have recurrent transfers in place, but a reminder must be made to a telephone number in the bank data statements, unless the customer has informed us orally of the recurrent transfer initiative. Does anyone have an agreement that they use if a customer doesn`t want a reminder on a recurring thread? He appreciates the feedback, but we also have to respect the wishes of the customers. Yes, I agree that there is an additional risk of not recalling. Although I would say it is limited to a recurring thread, and we decided to accept the risk with the signed waiver form. Another part of this process is to spend time informing our clients of the additional risk they are taking by agreeing to waive the recall. It is always a difficult balance between security and trying to make the process as simple as possible with the customer. The forms we use are attached. We use not only the recurring agreement, but also a transfer agreement. I hope it will help. In some cases, a recall may be necessary.

another authorized person must approve the wire. If the requirement is not repeated, verify the client`s identity by obtaining his social security number and the mother`s maiden name. Fill out a transfer form and note how the identity has been verified. If the client`s identity appears suspicious, call the client to verify the identity. Get the approval of a delegate or superior if in doubt. I`m not quite sure a customer wouldn`t want a reminder, but we wouldn`t process an outgoing thread without any confirmation from our customer. You may not want to be “harassed” by a reminder, but by the time you send your money elsewhere and it turns out to be a scam, the bank is still burned. Even on a recurring thread, I wouldn`t send without confirmation. The recurring transfer template includes the order number, customer name, account number, transfer fee and more. Some customers request telephone lines and may have recurring wires.

In these cases, it is important to ensure that the transfer agreement is retained. The customer must be informed that all telephone transfers are recorded. Recall the customer`s password and complete BNK108-2 RECURRING WIRE TRANSFERS FORM. As your bond insurance may require a recall, I would be careful.