Wire Transfer Process
Where do we process wire transfers?
a. In DNA under the member's choice of account (where money will be used for the transfer).
b. In CXI under "Payments".
c. In Meridian under New App - Personal.
b. In CXI under "payments".
What are the common signs of a fraudulent wire transfer?
- Urgent requests from unfamiliar parties.
- Pressure not to tell anyone.
- Unexpected "prize," "inheritance," or "romance" requests.
- During the questionnaire, the story being told by the member might not add up.
True or False: The member gets a refund of the service fee when the transaction is unsuccessful.
False, we will not be refunding the member regardless of the successful or unsuccessful transfer.
How much do we charge for wire transfers? Where do we charge the member?
Outgoing Domestic is $35 per transfer.
Outgoing Domestic with Relationship Checking is $5 per transfer.
To charge the member, you would need to charge the member through DNA.
Is duo needed when doing a wire transfer with a member?
No, duo is not needed.
To help prevent our members from becoming the victims of fraud, what is the necessary step that needs to be completed?
Fill out the Wire Funds Transfer Questionnaire. It can be found through Policy Tech.
True or False: Wire transfers can be sent using a debit card or credit card.
False, wire transfers are sent directly from bank accounts, not via cards.
What is one reason a wire transfer might be delayed?
Incomplete or incorrect recipient information, regulatory review, or intermediary bank/credit union issues.
Members may ask how long the wire transfer will take. They may also ask if it may be reversed or canceled. What will you tell the member in this case?
With our domestic wire transfer, it may transfer on the same day or the next business day. But, if the member would like to reverse or cancel the wire transfer after being completed, we will not be able to do so.
What would be the appropriate way to address the member about the possibility that the wire transfer is fraudulent?
"As part of our commitment to your financial security, we review transactions that appear unusual or carry potential risk. We are able to do it today, but the wire transfer will still need to be reviewed. Once we've completed our review, we’ll follow up with you as soon as possible."
True or False: A wire transfer can be flagged for review if it appears suspicious.
True, banks and credit unions may delay or review wires to comply with anti-fraud and anti-money laundering laws.
Who do we contact if we have questions regarding wire transfer?
a. Ingrid Anduha
b. Bunny Tanaka
c. Kim Yadao
c. Kim Yadao
Where do we find the information for a member's wire transfer? And what should you do when the member presents this information?
The member should and will provide the information for us to fill in the blanks under originator, beneficiary, and notes (if necessary). Members may have a physical copy of the information; in this case, you need to make a copy of all the information presented. You may also ask them to email the information to you (if it is on their device).
If you suspect fraud, which form should you fill out? Where can you find it? When should you fill it out?
The form that needs to be completed is the Suspicious Transaction/Activity Report (STAR). It can be found in Policy Tech, which needs to be completed on the same day of interaction with member.
True or False: Wire transfers are subject to Regulation E, which protects consumers from unauthorized transfers.
False, Regulation E covers electronic fund transfers like ACH and debit cards, but not traditional wire transfers.
A member wants to do a wire transfer to the Philippines. How would you help the member?
The member wanting to do a wire transfer to the Philippines is a national wire transfer. National wire transfers are not offered through Hawai'i State Federal Credit Union.