IBM Southeast Employees' Federal Credit Union

Completed Wire Transfer Forms should be faxed to 561.226.5415.

1. How long does it take to process an outgoing wire or credit an account for an incoming wire?

If a wire is received, and call back verification is completed, before 3:00 PM of a business day, it will be processed that same business day. If a wire is received, or if call back verification is completed, after 3:00 PM on a business day, it will be processed on the morning of the next business day.

2. How long does it take for the receiving institutions to credit an account once a wire is sent?

There are a number of factors involved;
a) FEDLINE traffic or volume may be high.
b) Receiving institutions processing time. Once the wire is processed at our end, it can be received immediately. However, the receiving institution must then credit those funds to the appropriate account, which may take some time.
c) Incorrect information requiring follow-up.

All these factors considered, a domestic wire is usually processed and credited within a 24 hour period. Once the wire is processed from the credit union, we have no control of the receiving factors.

3. What can delay the processing of a wire?

a)If the wire transfer form is incomplete or incorrect there could be a delay in processing. Make sure that the information provided is complete and correct and provide a contact phone number in case additional information is needed to process the wire.
b)Insufficient funds are another reason that an outgoing wire may be delayed. Make sure that the funds are available in the account that you've specified, and remember to allow for any wire transfer fees. You can verify the funds available in your account by using SunDial Telephone Banking or Online Banking. Refer to a Fee Schedule or a Rewards brochure for wire transfer fees.

4. What security measures are taken?

For your protection a verification process is initiated to ensure the validity of the wire transfer request. One of the security steps taken on wire transfers that are received via phone or fax is a call back. Your signature and a faxed copy of your Driver's License or other identification may also be required. Make sure that the Credit Union has your correct phone numbers on file in case a call back is necessary. You can verify your account information by using Online Banking.

5. Who is the beneficiary?

A beneficiary is usually an individual or company and is the final recipient of a wire funds transfer. It appears on the wire transfer form under Final Credit or Payment To. When completing a wire transfer form, the beneficiary should not be confused with the receiving bank, credit union, third party bank, or financial service institution.

6. What is a Third Party?

If the beneficiary's account is with a receiving bank or credit union on the FEDLINE system (Federal Reserve Funds Transfer System), the route the wire takes is straightforward. It goes to a beneficiary's account number at the receiving bank or credit union that the ABA number pertains to. However, not every beneficiary account resides at a FEDLINE bank or credit union. When this occurs, the receiving bank is asked to continue to route the wire funds to an additional destination where the beneficiary's account will be recognized. This is considered a Third Party.

7. What qualifies as a Third Party?

Third party criteria are most often met under the following conditions:
a) If the beneficiary account is at a bank or credit union that is not on the FEDLINE system, the beneficiary's bank or credit union is considered a Third Party.
b) If the beneficiary account is at a financial service institution, the financial service institution is treated as a third party. Some examples of financial institutions are stockbrokers, Internet brokerages, mutual funds, and credit card accounts.
c) If funds are being sent overseas through a receiving bank in the United States, the overseas bank where the beneficiary account resides is considered a Third Party.

8. What is the difference between an ABA number, and an account number?

The ABA (American Bankers Association) is the Federal Reserve FEDLINE routing and transit number through which wire transfers are sent from one institution to another. It usually pertains to the main branch of the bank or credit union and should not be confused with third party branch ABA numbers. Contact the receiving institution for wire instructions including the ABA number. Each institution will have a specific ABA where wires should be directed.

Account numbers are more specific
a) For instance, every beneficiary has an individual account number with either the receiving bank, third party bank, credit union, or financial service institution. This is the final account where the funds are to be deposited.
b) Similarly, every third party has its own distinct account or ABA number that is what the receiving bank recognizes when channeling funds through to the beneficiary's account number. Technically, it's the third party's account number with the receiving bank.

9. Why is it important that the ABA number be correct?

If the ABA number is incorrect the wire will not go through. The Federal Reserve, FEDLINE system, through which the wire is sent, rejects it; resulting in a delay of funds transmission until the correct number can be obtained.

To avoid this occurrence:
a) Do not accept or use the ABA number on a check. It's usually an internal branch number and will reject. The FEDLINE system only recognizes MAIN branch ABA numbers. Unless you're sure the ABA number on a check pertains to the main branch, it may help to contact the receiving bank to verify this information before we attempt to send the wire.
b) A wire will also reject if the ABA number relates to a receiving bank not on the FEDLINE system. Under this circumstance, more information is required. See What is a Third Party?.

10. Under what circumstances will a wire reject, be returned, or misapplied when received?

Some of the reasons a wire will not go through are as following:
a) The ABA number pertains to a receiving bank or credit union not on the FEDLINE system. When this occurs a FEDLINE receiving bank or credit union name and ABA number will be required. The bank or credit union originally given becomes a Third Party.
b) The ABA number given is for a branch of the receiving bank instead of the required main branch ABA.
c) Receiving bank and third party information are reversed when filling out a wire transfer form.
d) The beneficiary or third party account number is incorrect.
e) The information on a wire form is not clearly written.

11. What information is needed to receive a wire transfer from another financial institution into my Credit Union account?

The originator of the wired funds (foreign or domestic) should include the following Credit Union information in order to process an incoming wire: