What if I sent someone money and they didn't get it?

What to Do When a Money Transfer Fails

Experiencing a failed money transfer can be stressful, but panic is not the solution. By acting swiftly and following the appropriate steps, you can increase your chances of recovering your funds.

Direct Deposit

• Contact your bank immediately: They can investigate the transaction and initiate a trace to locate the funds.
• Provide proof of the transfer: Share the transaction details (amount, date, recipient’s account number) with your bank.
• File a dispute: If your bank is unable to resolve the issue, consider filing a dispute through the Automated Clearing House (ACH).

Wire Transfer

• Contact your bank or the wire transfer provider: They can freeze the funds and initiate a recall.
• Provide documentation: Submit a written request for a recall, including the transaction details and any additional information.
• Be prepared for a fee: Some wire transfer providers charge a fee for recalls, so inquire about this before proceeding.

Check

• Issue a stop payment order: Contact the issuing bank and request to stop payment on the check.
• Provide a written request: Submit a written stop payment order, including the check number, date, and payee.
• Keep a record: Document all communication with the bank, including the date, time, and name of the person you spoke with.

General Tips

• Act quickly: The sooner you initiate the reversal or stop-payment process, the better your chances of recovering your funds.
• Be persistent: Follow up with your financial institution regularly to check on the status of your request.
• Stay informed: Keep track of any documentation or communications related to the failed transfer.
• Consider using alternate methods: If possible, avoid relying solely on direct deposit or wire transfer in the future. Explore other secure payment options, such as mobile payment apps or money orders.

By following these steps and acting swiftly, you can minimize the impact of a failed money transfer and maximize your chances of recovering your funds. Remember, panic is not the solution. Stay calm and take the necessary steps to resolve the situation efficiently.