Follow-up and Cancellation Recall Procedures for Wire Transfers and Foreign Drafts

Wire Transfers


Follow-up Procedures

If the recipient notifies operating locations that they have not received the wire, the Research Foundation can place a tracer on the wire transfer, provided a reasonable amount of time has elapsed. To request a tracer, contact the Finance Office.

The first tracer (on a domestic wire transfer only) is at no cost to the campus. There is a fee for subsequent tracers placed. Responses to tracers from international banks may vary in length of time.


Recall and Cancellation

Wires may be recalled and canceled if they have not been credited to the beneficiary's account. There is a fee for the recall or cancellation. In addition, for foreign wire transfers, the credit may be different on the principal amount because of exchange rates.

To request a recall and cancellation, contact the Finance Office. Responses to recalls and cancellations from international banks may vary in length of time.

Foreign Drafts


Copy Request

To request a copy of the foreign draft, contact the Finance Office. Copy requests will take 1 week or more depending on the bank location.


Stop Payment Request

Stop payments can be requested when the original draft is lost, stolen, or destroyed. There is a fee for a stop payment.

To request a stop payment on a foreign draft, thirty days should normally have elapsed from the date of issuance of the draft. To request a stop payment on a foreign draft, contact the Finance Office.


Cancellation Request

There is no fee for a cancellation but the credit may be less than the principal amount because of exchange rates or charges by beneficiary banks. To request cancellation of a foreign draft, contact the Finance Office.

References

For more information on the alternate payment methods described in this document, refer to How to Obtain Wire Transfers and Foreign Drafts.

Change History

 

 

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