We have a commercial customer requesting we set up a reverse wire transfer agreement with them. Has anyone heard of this type of agreement?

it is actually called a drawdown. what happens is they have another bank request a drawdown to their account with you (via wire type code 1031 or 1631), and you would honor with a 1032 or 1632. This is fairly common in the business world, where companies move funds via this method instead of ACH.

it is actually called a drawdown. what happens is they have another bank request a drawdown to their account with you (via wire type code 1031 or 1631), and you would honor with a 1032 or 1632. This is fairly common in the business world, where companies move funds via this method instead of ACH.

You should have an agreement on file that authorizes you to act on the 1031 request for funds from specific banks for transfer to a specific account on behalf of your depositor.

I've just received the same request from a customer of ours, does anybody have a sample (agreement) that might share with me? my email is gdrizzle@sbcglobal.net

Thank you.