I made a wire transfer from Chase to a UK Bank for my niece on 11/22. Together with the wire, there's a message I wrote to the recipient. The problem was I mistakenly also wrote the same message to the recipient bank. Chase sent my money to the UK bank. The UK bank didn't understand my message so it didn't credit the recipient account. On 11/29 Chase required me to provide additional information about the recipient. I submitted all requested info to Chase on 11/30. On 12/3 Chase sent these info to the UK Bank. I called them every two or three days but no result. All they said was they've waited for the UK Bank to reply. As of today 12/10, the transaction's still pending. I'm Chase client. Isn't Chase supposed to do something to protect my right? Can I sue Chase? Thanks for any advice.
Real Estate Attorney
Possibly. The rules of law regarding electronic fund transfers are located in ARS Title 47, Chapter 4A, commonly known as the UCC Art. 4A.
Frankly, it would seem doubtful that Chase is responsible for the UK bank's hold on your funds since it was you who caused the problem with the UK bank's release by either providing instructions that were not executable, or by providing insufficient information to allow the release of the funds from the UK bank to your niece. Chase is merely the payor bank to the UK bank, and they are not responsible for this initial hiccup since they performed their job by transferring the funds to the UK. However, if these problems persist much longer, you may be able to put a claim into Chase that this wire transfer has either been rejected or cancelled, and then Chase would need to work with the UK bank to recredit your account.