Wired Money Internationally, It Never Arrived. Bank Used 2 Intermediary Banks And Can't Say Where The Money Is. Bank Won't Return Funds, And Cannot Confirm They've Been Delivered.
I am beyond frustrated as this has impacted my business by delaying production schedules and impacting service. I use an international firm to develop software and perform accounting.
I wired the firm $6000 in February using a regional US domestic bank. It did not arrive. After 10 days I opened an investigation per my bankers advice at the bank. Wire Department indicated they used an intermediary who hadn't received the funds yet, and that it could take 90-120 days to resolve.
I checked in a couple weeks later, they said the intermediary bank confirmed they sent funds to the NEXT intermediary bank ???? But that Intermediary 2 hadn't sent them yet.
Then weeks later it was Intermediary 2 had sent it but the receiving bank hadn't acknowledged receipt?
Meanwhile my counterparts are speaking with their bank, the receiving bank, and have nothing. They ask for confirmations, I request from my bank, but nothing is provided to confirm funds are at each point.
I have since sent money to the international firm through other means using the same information and had no issues with that. I trust my counterparts and we have been doing business together for 3 years, this was just first time I tried using this domestic bank to initiate the wire.
What can I do, quickly? Besides wait for the 120 day period to run out for what, them to tell me it will initiate ANOTHER waiting period?
I am afraid of engaging a lawyer because I worry the fees will quickly outweigh the value of the $6k wire. But I also need resolution, and the money, and at this point I want that bank to hurt. My banker has tried and the GM and VP above him basically just say the wire department should have better answers and there's nothing they can do for me.
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