In august I sent a bank wire from the Rabobank Dutch bank to JP Morgan Chase bank about $2000.
I sent the money without FEDWIRE number, because I have sent same amounts of money regularly without FEDWIRE without a problem. Also I wasn't given a fedwire number.. I didn't google what FEDWIRE number was until the wire didnt show up after a few weeks. I then found out the fedwire is actually the routing number... well I did have the routing number... DUMB ME.. but I sent the wire without it.
The wire was sent through boxes and internet banking, and the box for fedwire wasnt filled in, but the wire went through anyway???
Anyway I have done like 9 wires this way without a fedwire number, only now the wire is missing I probably should have given a fedwire number, even when the 8 wires before did work out.
I called the rabobank they told me to wait... I am waiting 8, almost 10 weeks now! They told me a displaced wire will be returned... I am not in need of the money right now but its $2000 and my current bank account only have like $1000... alot of money to me!
What can i do?
First off Rabobank is responsible for the transfer until it arrives at your account at Chase. They need to put a "Tracer" on the funds. This is inexcuseable what this bank is telling you. You need to go to your local branch with this information.
1) Find out who coverted the funds from Euros to USD. If Rabobank can convert to USD (which I am sure they can), you need to find out the "VALUE" date of the wire. Tracking it with a Fed number will not help. You need to obtain an ISN (International Swift Number) from Rabobank. If you exceuted the wire on for example 10/1/2009- Rabobank may have "VALUE-DATED'' the transfer at a later date- such as 10/6/2009. Find out when it was sent.
2) Who did they use for a correspondent. If they sent Euros, then ask them what other European Bank did they send the transfer to that corresponds with Chase.
3) Even though you may be a customer of Chase (And personally I feel sorry for you having an account with them to begin with because they are a rotten U.S. Bank) Chase will not be able to help you. Rabobank is the bank who is responsible.
I just looked it up on my resources. Rabobank in the Netherlands has a USD account directly with Chase. I would put money on this but Rabobank most likely converted the Euros to Dollars and then sent the Swift Message to Chase to credit your account there. Something tells me that Rabobank did not send the Swift Message. Rabobank has a USD account with Chase directly. It is probably sitting in that account. They need to send a Swift Message to Chase to release the funds to your account. 8-10 weeks is nonsense. The funds should have been there a long time ago.
I know European customers have the luxury of doing foreign transfers over the internet. I would NEVER do this in the future.
You have a right to be angry with Rabobank and show it to them. Chew them out for this error!
You did everything right. XXX is really not needed on a Swift Code but Swifts can be 8-11 Characters long depending on Rabobank's system. Now go after Rabobank and tell them what I told you. Report Abuse
Also I would have to pay 20 euros if the wire went wrong because of me. well I didn't fill in the fedwire so it's probably my fault. So I would lose only 30 euros total, I paid 10 euros for the wire already. Better to lose 30 euros than the $2000 about 1400 euros.. thank you alot!! I will follow-up. Report Abuse
Okay, I have called Rabobank and they would try a "Reclaim" for me...if the wire is found, then I would get the wire back. I wish they told me there was that option earlier. The person on the phone told me a reclaim could take several weeks, but I should callback after a week if i don't get my money Report Abuse
I don't know what a reclaim is, I hope it works... fancy word for tracer I guess, I sure hope the money didn't end up in a wrong account and got withdrawn, but still at the correspondent bank. You said rabo has an account at chase, if the money is there, it shouldn't take long.. crosses fingers! Report Abuse
Boy, I've been wondering who sent me $2,000 to my Chase account a couple of months ago. Thanks.