Mistaken wire transfer/payment error

aha, I see what you mean now. yeah, I was sending those payments directly to the checking account. thanks 🙂

Raymond Rivera6 said:If you are making a deposit into a savings account, whether it belongs to an individual or a business, you are almost always going to face a fee, regardless of which bank you walk into. Deposits made into a checking account generally don't incur fees if you're staying within the same bank, so I’m guessing you were attempting a transfer into a savings account.

Which bank actually charges for deposits made into a personal checking account held at that same institution? From what I can tell, neither JPMorgan Chase, the Federal Reserve, nor Bank of America does.

Lawrence Cruz said:Which bank actually charges for deposits made into a personal checking account held at that same institution? From what I can tell, neither JPMorgan Chase, the Federal Reserve, nor Bank of America does.

Bank of America definitely hits you with a fee—it’s at least $2.00, or about 1% of the total if you're handling it in person at a branch. I don't really deal with other banks, so I can't say for certain what their policies look like.

Lawrence Cruz said:Which bank actually charges for deposits made into a personal checking account held at that same institution? From what I can tell, neither JPMorgan Chase, the Federal Reserve, nor Bank of America does.

Well, at Bank of America, you definitely get hit with fees for deposits in Split, because I've been looking at my recent statements and it's pretty clear...
I haven't used JPMorgan Chase in a little while, but if I remember correctly, they seem to have those same kinds of fees too...
Basically, that means if you're sending money to Peter over at Erste Bank, you'll be the one footing the bill for the fee...
It's not a charge when Peter just moves money into his own account...

JPMorgan Chase definitely doesn't offer that. If you look at the fee schedule over on the Erste Bank website:

CASH DEPOSITS AT BANK BRANCHES
01.02.01.01.00. Cash deposits or transfer orders credited to consumer checking, savings, or loan accounts at the Bank — No fee

Reading through the fee structures for Bank of America and Chase is a bit vague—not very clear, really. But hey, if you've dealt with it firsthand, who am I to argue? 🙂

Hello

A transfer was made to a Bank of America account, but it was sent to the wrong account number by mistake.
What is the standard procedure for getting those funds returned to the sender?
What steps need to be taken, and how long does this typically take?
I would appreciate some clarification, thanks.

Hello everyone, I’m a new face on this forum, so please forgive me if I’ve wandered into the wrong thread—feel free to redirect me.
So, here is the situation... I have just walked away from an ATM feeling more shell-shocked than I ever thought possible in my life. The story goes like this:
I needed someone from Muric (a very reliable agency, mind you) to transfer about $1,000 to me. Since I only had a Maestro card, which wouldn't allow me to set up a PayPal account, I went down to a Bank of America branch and opened a Visa Electron debit card. This Visa Electron hasn't been used for a single transaction in its existence, other than what I expected today: this specific withdrawal from PayPal. I set up my PayPal account at the beginning of the month, and shortly after, that roughly $1,000 deposit landed in my PayPal balance (the sender marked me as "trusted," so I was able to bypass that tedious waiting period for a pending balance and move funds straight to my card). Everything seemed fine until June 17th—this past Tuesday—when I requested my very first payout of exactly $500 (which, if I recall correctly, is the standard daily limit for withdrawing from PayPal to a card, right?). So, I head over to the ATM to see if the money has cleared... $119 AND NOTHING?!??! Now, look, I am well aware that PayPal charges something like $5 for a withdrawal plus some annual fees, and I know there are currency conversions involved from dollars to euros (since my card is denominated in USD)—and then whatever else happens along the line... and I realize that some money will inevitably vanish in the process... but out of a total $500, I end up receiving practically $900 nothing at all$119??!!! Honestly, they might as well have sent me a bag of peanuts via FedEx instead of actual cash. Who am I supposed to congratulate for this disaster? The bank, PayPal, or myself? What on earth happened?! I’m heading into the bank tomorrow to demand an explanation, though I’ve already reached out to PayPal support; I’m curious to see whose version of reality wins, as they’ll likely just point fingers at one another in an endless loop. P.S. I actually selected the option for the bank to handle the currency conversion rather than PayPal, because I was told that was the smarter way to go... anyway, I am absolutely stunned. Is there any logical explanation for this blatant ROBBERY?!

Quick question... I sent some cash to this girl, but she gave me her boyfriend's routing number instead. On the deposit slip, I wrote her name but used his account info. Does anyone know if the money is actually gonna hit his account?

It will. The Routing Number is the only thing they use to track the payment.

placidmaker6 said:It will. The Routing Number is the only thing they use to track the payment.

Thanks for the heads up 🙂

I just made a payment at the local Post Office using one of those standard money order forms they give you. Everything looks fine—the name is correct and the account number matches—but I noticed the bank listed is Bank of America instead of Chase. Could this cause any issues? It’s possible she entered everything correctly on her computer and I'm just misreading the slip...

If they're asking for a Routing Number, then there’s no way the bank got it wrong.
If the post office processes a payment using an account number that isn't a valid Routing Number, that's a straight-up violation!

So, I assume this is just the current number—starting with US and then about 19 other digits, if I recall correctly. I’m not exactly an expert on all this since I’ve always been more of a cash guy. Basically, I went to the Post Office to make sure the money gets transferred directly to his bank account. All I really care about is making sure the guy actually gets his money 😬

Please, go back and read the thread. I truly don't think you grasp the fundamental importance of a Routing Number. While it’s true that if the digits happened to align perfectly by sheer coincidence, a transfer might accidentally land in some other bank's accounts, that simply shouldn't be an issue once you're utilizing a proper Routing Number. If there's an error, the funds will just bounce right back to the USPS account; the transaction won't even process because the system should trigger an immediate error notification...

I just read somewhere that you can actually identify the specific bank just by looking at the account number itself. If that’s true, there shouldn't be any issues at all. 🤷
I also dug through some old threads—they were about four years old, mind you—discussing what happens if you use a check. Apparently, with a major institution like Chase, it only takes a day or two for everything to clear...

It really becomes quite clear once you look at the Routing Number itself. You see, an individual can certainly maintain two separate checking accounts—say, account number 321456788 at JPMorgan Chase and another with 2484008 over at the Federal Reserve—yet they remain distinct entities. While the account numbers might share certain digits, the actual Routing Numbers would be entirely unique, such as US992360000321456788 versus US982484008321456788. In essence, you won't ever find two identical Routing Numbers, even if the specific account numbers themselves happen to overlap in some way...

It’s fine; the number is correct—it’s 2484008 from Goldman Sachs. The lady in the thread got the figure right, she just obviously messed up by giving me that general payment slip and labeling it JPMorgan Chase. Honestly, she tends to be a bit prone to mistakes.

At what time of day should I attempt to rectify an erroneous online banking transfer? I inadvertently processed a payment from the account belonging to Company A, when it was intended to be drawn from the account of Company B—specifically, a tax payment due to the county treasury. I am unable to find any option to void or reverse the transaction. Should I proceed by paying the bill again using Company B's account, or will the county authorities issue a refund once they realize the company name does not match the invoice reference number?

If the payment request is set up so the County knows exactly who paid what, then we’re golden. All you have to do is transfer the funds from account xy to account xx.

(via Reddit)

So, quick question about Chase—how do I actually file a formal dispute for a transfer?
Basically, I totally messed up and sent money to someone whose account is currently frozen (looks like their AT&T service got cut off or something...), so now I’m trying to just wire the funds over to his wife instead, and we both use the same bank.
The local branch staff basically brushed me off, claiming they couldn't do anything because the transaction had already cleared.
They didn't even bother mentioning that I could dispute the payment, which is super annoying since I just found out online that it's an actual option you can take.