When it comes to money transfer services, the options are quite plenty. Of these, wire transfer is one of the most utilized, more so for people sending money between different banks or locations. A domestic wire transfer is typically settled in a day, while international wire transfers take only a few days.
However, there are disadvantages. For instance, the fees are not always transparent and can be expensive. In fact, Bank of America, one of the most popular banks in the US, does not disclose their wire transfer fees or how they are calculated to their clients.
Now, while wire transfers are pretty secure, the main question is, what if you make a mistake, don’t like the fees, or simply change your mind? Can you dispute the transfer with Bank of America? Let’s look at whether it is possible and how complicated it is:
How a Wire Transfer Works
Wire transfer is an electronic way of sending money, where the sender’s bank or financial institution sends a deposit request with the recipient’s information and amount to transfer to the recipient’s bank through a secure messaging system like SWIFT. Then the two banks settle each other in the back end.
That said, if you want to dispute a wire transfer, acting fast is key. The truth is, there is little to no chance of getting your transaction canceled and, consequently, getting the money back into your BoA bank account once the recipient has accepted the transfer. But if you file your dispute with BoA before the recipient’s bank accepts the transfer, there is a good chance that the transfer will be halted.
For unfair or undisclosed fees, it is possible to file a charge dispute. However, this can be hard to fight without legal expertise, which is why you may need to file a Bank of America wire transfer lawsuit.
When a Wire Transfer Reversal Can Be Accepted
Banks, including BoA, have some general conditions that must be fulfilled for a reversal to be considered. These include:
- Errors in the account number
- Incorrect amounts
- Duplicate transfers
- Incorrect transfer dates
But even with that said, reversals are an uncommon event. BoA always checks and ascertains various transaction details, releasing the funds only when they are sure of the accuracy of the information.
What to Do When a You Want to Recover Your Money After a Wire Transfer
Wrong wire transfers, while rare, can happen to you. Other times, you may realize you have been charged unfairly for your wire transfer. Fortunately, you can always draw comfort in knowing that you can file a legal complaint against BoA and embark on recovering your money. By hiring financial services lawyers, you can give yourself peace of mind as real experts take up your financial dispute with BoA.
Have a BoA Wire Transfer Dispute? Get Help Filing a Bank of America Wire Transfer Lawsuit
Recovering funds from BoA after making a mistake or being charged unfairly can be a daunting process. If nothing else, BoA is a huge institution with enough resources to frustrate you. So, file a Bank of America wire transfer lawsuit with seasoned financial service lawyers to level the playing field and boost your chance of getting your money back.
