Reversing a Domestic Wire Transfer

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Question:

I have been finding conflicting information regarding whether a domestic wire transfer can be reversed. Can it be reversed by the customer? What Federal Regulation would wire transfers be governed by?

Answer:

After a payment order has been accepted, cancellation or amendment of the order is not effective unless the receiving bank agrees, or a funds-transfer system rule allows cancellation or amendment without agreement of the bank. You will find the legal basis for this in UCC-4a.

First published on BankersOnline.com 2/6/06