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'Against The Odds'
November 21, 2019
3:46 pm
Dean
Selkirk Mountains, British Columbia
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.
I found this CBC article (dated from over a year ago) while browsing their website, and thought I'd share it here.

In Short: When in a dispute with a FI, the odds are Heavily Skewed against us❗

Article Link ➡ https://www.cbc.ca/news/business/banking-deposits-lost-customers-1.4525060

Selkirk

sf-cool " Live Long And Prosper " sf-cool

November 21, 2019
4:36 pm
Doug
British Columbia, Canada
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Selkirk said
.
I found this CBC article (dated from over a year ago) while browsing their website, and thought I'd share it here.

In Short: When in a dispute with a FI, the odds are Heavily Skewed against us❗

Article Link ➡ https://www.cbc.ca/news/business/banking-deposits-lost-customers-1.4525060

Selkirk  

I don't know the particulars of that situation, Dean, but am not surprised. Often, with foreign wire transfers, correspondent banks are involved. Unless you have the details immaculate for each "hop" in the process, funds can end up in limbo. Personally, I wouldn't use a bank to do a wire transfer; I'd probably go with the forex specialists like Agility Forex (prefer, due to more favourable fees) or Transferwise and let them handle the transfer as they have established accounts all over the world.

In short, the main problem is the inefficiency of the global wire transfer system. 🙂

Cheers,
Doug

November 21, 2019
6:38 pm
Norman1
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I'm not surprised; a large number of the complaints actually have no merit. That's an inconvenient fact that the CBC article leaves out.

One can see some of those "complaints" on the OBSI site.

In Grandmother Lost Money after Fraudster Impersonated Grandson, customer tries to pin her $158,000 wire transfer losses on the bank after ignoring bank's warnings about the request she received being a scam.

In Wire Transfer Instructions Are Precisely Followed, one customer tried to blame his bank for the $700 foreign exchange loss from having his US$ wire transfer deposited in his C$ account instead of his US$ account.

Another customer, in Responsibility to Monitor Account Balances, didn't look at her RRSP account statements, thought she had more than she did, and tries to blame the bank for her depleting her RRSP!

How about getting drunk, revealing PIN to friend, and trying to hang the $800 loss on the bank in Giving Your PIN to Your Friend?

Then there's Using Easily Guessable Passwords. The previous edit of the story was less politically correct. The perpetrator was actually a woman the customer met the night before in a bar whom he took home. When he woke up in the morning, both she and his wallet were gone.sf-surprised

November 22, 2019
7:16 am
Koogie
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Doug said

I don't know the particulars of that situation, Dean, but am not surprised. Often, with foreign wire transfers, correspondent banks are involved. Unless you have the details immaculate for each "hop" in the process, funds can end up in limbo. Personally, I wouldn't use a bank to do a wire transfer; I'd probably go with the forex specialists like Agility Forex (prefer, due to more favourable fees) or Transferwise and let them handle the transfer as they have established accounts all over the world.

In short, the main problem is the inefficiency of the global wire transfer system. 🙂

Cheers,
Doug  

Nonsense. I send about one or two overseas wires per week with TD for my small business and in the last 16 years exactly two have gone wrong. Since the widespread adoption of IBAN in Europe it has gotten even better. If it was an inefficient system it wouldn't be used and the truth is it is used tens of thousands of times per day for moving trillions of dollars around the world.

As noted above, when it does "go wrong" it is normally customer error.

We are noting more delays in the last couple of years but that is almost 100% due to increased governmental regulation and scrutiny. For instance, wires to and from Russia have become slow as the various governments poke their noses in. They will continue to poke their noses into any system though.

Now, could it be made faster and, especially, cheaper ? For sure.

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