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Wire Transfer Call Back Procedure

8/19/2010

Most banks allow depositors to request outgoing wire transfers without being present at the bank. The request may arrive at the bank via facsimile, email or telephone. Invalid wire transfers may be requested by an unauthorized employee at the customer’s business, a dishonest bank employee or an outside fraud artist. The call back procedure is a preventive measure used to decrease the possibility of sending an unauthorized wire transfer.

A wire agreement should be obtained from customers that request wire transfers but are not always present at the bank. The agreement should provide the call back procedure that will be performed by the bank for transfer requests not requested in person. The agreement should indicate the person(s) at the customer’s that is authorized to make transfer requests, telephone number(s) to contact the authorized person and possibly PINs or test codes.

When a wire transfer request is received by a bank, an employee will initiate the wire by preparing a wire transfer request form. A second employee, independent of the initiation of the wire transfer request form, should then call an authorized person designate on the wire agreement at the telephone number indicated on the wire agreement. The identity of the person should be confirmed by the employee performing the call back procedure and the performance of the call back procedure should be documented on the wire transfer request form.