Jim, (minimally quoting your post to avoid having to endlessly resend it)
> .. Reversing a bank wire can be time consuming if you want it done .. Jim, here's the problem. When the BANK ITSELF wants to reverse a wire, it's trivial for them to do so. ie, Sender Bank gets defrauded by some customer, so, SURPRISE!, Sender Bank just unwraps a couple of wires. If both banks are in the US, that's the end of it. Receivor bank will unwrap the wire. (If you've wired the money on somewhere else (or even wrote checks), they'll just reverse those.) If the recevior bank is overseas, the relationship is somewhat less tight, so you have some chance that your receivor bank may tell them to take a hike, but it's unlikely. Regarding a *CUSTOMER* of sender bank reversing a wire: If the customer is a LARGE customer, it could not be easier. You pick up the fone, dial the bank's number, and say "Steve, cancel wire XYZ for me" "Sure, Biff". > >Experiences with wires being reversed: I've had none. Oh ok. You all seem to be talking "in the DGC experience". Fair enough. When I used to run Coconut (the only other wholesaler ever other than OmniPay) I was good pals with numerous large MMs and I was aware of whenever anyone suffered anything sucky like a reversed wire. >The best way to >avoid having a wire reversed is: get it from someone >you can trust. Oh, yes and no. The trusted party who sent you a wire, may themselves, be the victim of a "chain of unravelling". Happens every day. >That may not cause the bank to refuse to reverse the wire, but it >does limit your actual exposure. They just unwrap transactions you've made. Happens every day. >If you get a wire for $50,000 from >someone you don't trust, as JP suggested he once did, Please speak accurately, if you speak about me, Jim! I was giving an *example* about a hypothetical "Biff". I've never dealt with anyone I don't trust. (Except that S.O.B. Paul Vahur!! :) You can't trust an Estonian as far as you can throw them! :) ) ISL has essentially "nothing" to do with e-gold, it's just a hobby of mine. But as a large software company ISL gets/sends untold zillions in wires. >As far as sending wires, I've never had a problem. My bank sends >wires, they never come back. You seem to have (fortunately) no expereience in this. I've had any number of wires come BACK. (Mind you, if we're talking re egold, Coconut's policy was "we even send wires to war zones!", so there was some pretty extreme destinations there.) Wires coming back is totally normal. Happens for any number of reasons. The clerk at the receiving end misreads something. The receivor bank dislikes the customer. [Exactly like when e-gold blocks accounts for spends to the account] The correspondent bank is pissed at someone. Etc etc. >For example, a friend once wrote me a personal check for $10,000. >My bank held it for two weeks pending "clearance" not from his bank, >but from the federal government authorities. Why? Had it been for >$9,999, I was told, it would have cleared through in less than 2 >days.... Your friend, you, or the bank misspoke, at this point: "My bank held it for two weeks pending "clearance" not from his bank, but from the federal government authorities." It was not the "Federal Authorities" "clearing it". Only your bank clears it. The bank was holding it and thinking about clearing it while they, the bank, were thinking about whether to clear it or not. ie, quite likely, the actual person/department at the bank who "reviews especially suspicious or large checks before clearing them" had to have a glance at it, before it got cleared. So it sat in some in-trays for 2 weeks. Totally SOP. It is inconceivable that that person/department actually say telephoned someone "at the Government" to check on the particular check, as you'd be talking months or years delay in clearing it then. Interestingly it was probably ILLEGAL for the bank employee to tell you the "9999" "trick" as they were engaging in conspiracy to structure. I have never, ever, ever, heard any US bank employee say such a thing, they're all told not to. You have a great bank!!! Paul ses >All the international wires in amount of 10,000 USD and higher are >registered in some federal database in US. What you're thinking of is the "FinCen" department / computer system. >With respect to (WRT) Nick's point: it will get there eventually. I've known numerous wires which just never get there. Hell, I've known numerous which just end in "limbo", they never get there and they are never returned. Quite common. At 1:41 PM -0800 1/15/02, Craig Spencer wrote: >That sounds like you mean all Swift transfers in other currencies, >like Swiss Franks, go though the US. Is that really what you meant? >Or did you mean that, in that case, they would go thru Switzerland? FinCen tracking does have remarkably long ears...some people say that yes, it does encompass ALL swift wires. No one knows, any opinions given are just opinions. (No astounding mystery if you think about, the "SWIFT" system is American, is an American company or group, so it goes via the US.) The other thing is, the world of wires "inside the USA" and the world of wires "in other 1st world countries" and the world of wires "offshore" and the world of wires in "hard core 3rd world areas" -- are all TOTALLY different beasts. Someone from like Iran or Somalia would just laugh at the question "GOSH! DO WIRES EVER GET REVERSED!?!?" and shake his head and say "Americans .. funny!" JP May --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
