Results 1 to 5 of 5
  1. #1
    Join Date
    Sep 2013
    Posts
    1

    Default How Do I Recover a Lost Wire Transfer of Funds from Europe

    I released a shipment of goods to The Netherlands based on information that funds were wired. May 2nd 2013. My bank gave me directions for accepting wired funds to go through JPMC in New York, than to Travelex than to my bank account. The funds were lost somewhere between JPMC and Travelex. JPMC claim they sent funds to travelex who claim they do not have them. I have engaged my bank who states we have no rights as receiver to trace funds. I have engaged my customer and his bank who provided wire information and state that JPMC has sent funds to Travelex who is not returning their inquiries. Do I have any legal remedies or any options to help trace these funds? Are there any federal regulations that address this situtation? My bank says JPMC will not work with them because they do not have an account. They say they contacted travelex with whom they did have an account and the funds were not there. My bank has since changed providers ...mucking up the water, so to speak. Any help or advice is appreciated.

  2. #2
    Join Date
    Apr 2009
    Location
    Inland Empire
    Posts
    1,410

    Default Re: How Do I Recover a Lost Wire Transfer of Funds from Europe

    Quote Quoting slv
    View Post
    I released a shipment of goods to The Netherlands based on information that funds were wired. May 2nd 2013. My bank gave me directions for accepting wired funds to go through JPMC in New York, than to Travelex than to my bank account. The funds were lost somewhere between JPMC and Travelex. JPMC claim they sent funds to travelex who claim they do not have them. I have engaged my bank who states we have no rights as receiver to trace funds. I have engaged my customer and his bank who provided wire information and state that JPMC has sent funds to Travelex who is not returning their inquiries. Do I have any legal remedies or any options to help trace these funds? Are there any federal regulations that address this situtation? My bank says JPMC will not work with them because they do not have an account. They say they contacted travelex with whom they did have an account and the funds were not there. My bank has since changed providers ...mucking up the water, so to speak. Any help or advice is appreciated.
    JPMC is correct as the receiver there is nothing you can do except work with your customer to get paid. You need to work with your customer to get paid. They have to trace the wire, if in fact it was ever sent.

  3. #3
    Join Date
    Mar 2013
    Posts
    16,955

    Default Re: How Do I Recover a Lost Wire Transfer of Funds from Europe

    Quote Quoting slv
    View Post
    I released a shipment of goods to The Netherlands based on information that funds were wired.
    "information" that the funds were wired?

    Was this a one time customer that you'd never dealt with before?

    I smell scam here.

    Which means that you might never see your money.

    Bet your customer isn't being very helpful either.

    Why wouldn't you just wait until verification from your bank when the funds were actually received?

  4. #4
    Join Date
    Apr 2009
    Location
    Inland Empire
    Posts
    1,410

    Default Re: How Do I Recover a Lost Wire Transfer of Funds from Europe

    Three words: Letter of Credit.

    Use that next time

  5. #5
    Join Date
    Mar 2013
    Posts
    16,955

    Default Re: How Do I Recover a Lost Wire Transfer of Funds from Europe

    Quote Quoting Antigone
    View Post
    Three words: Letter of Credit.

    Use that next time
    Three better words:

    Money verified received.

    1. Sponsored Links
       

Similar Threads

  1. Financial Transactions: Wire Transfer from Overseas
    By mxo in forum Personal Finance And Investment Law
    Replies: 3
    Last Post: 08-23-2012, 06:37 PM
  2. Credit / Debit Card Fraud: Unauthorized Wire Transfer
    By stoneroses79 in forum Criminal Charges
    Replies: 2
    Last Post: 06-03-2010, 08:15 AM
  3. Banking: Returning a Wire Transfer
    By jfanzen in forum Personal Finance And Investment Law
    Replies: 2
    Last Post: 10-26-2008, 10:21 AM
  4. Banking: Regarding a wire transfer
    By SuouTamaki in forum Personal Finance And Investment Law
    Replies: 3
    Last Post: 08-31-2006, 09:15 PM
  5. Banking: 7,000,000 Wire Transfer
    By Gene Brown in forum Personal Finance And Investment Law
    Replies: 6
    Last Post: 07-14-2006, 08:09 AM
 
 
Sponsored Links

Legal Help, Information and Resources