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Wire transfer held for 5 days over a middle initial mismatch
Last month I sent $8,400 to a contractor in Austin for a renovation deposit. My bank, a regional credit union, flagged it because the beneficiary name on the form had a middle initial and the receiving bank's account was registered without one. They held it for 5 business days while asking me for a utility bill, a signed affidavit, and a copy of the contract. The contractor almost backed out because he thought I was scamming him. I get fraud checks, but this was an exact match on the account number and routing number. Has anyone else dealt with this level of scrutiny on a simple ACH or wire? Is there a way to pre-verify beneficiary names before sending so this doesn't happen again?
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wright.kevin28d ago
That middle initial thing got blown way out of proportion.
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