[meteorite-list] New rules for bank transfers ***IMPORTANT***

From: Mendy Ouzillou <mendy.ouzillou_at_meteoritecentral.com>
Date: Wed, 29 Oct 2014 08:28:14 -0700
Message-ID: <CAC1egUrPen+Sq7OWCqJNhPc--PGNS85rRq1_Dbgad5jEAE+Afg_at_mail.gmail.com>

If you do not buy meteorites internationally, you do not need to read
any further.

Dear List,

I just ran across an issue that will eventually impact everyone that
uses bank wire transfers to purchase meteorites or other items. On
Sept. 22 I wired money from the US to Morocco. Even though my bank
claimed the transfer was complete, the recipient's bank claimed the
money never arrived. Well, fast forward to today and the good news is
that the funds were finally returned and deposited into my account
minus about $50 for a return fee. Believe me that to get the money
returned was not all nice and easy though my bank was awesome to help
track down the issue and resolve it. It did take about 6 or 7 phone
calls and I had to learn way more than I ever wanted about the world
wide banking system.

The bad news (or eventually good news) is that new laws are being
rolled out around the world that require bank account numbers to be 24
digits long. Turns out that in many countries the personal account
numbers of people can be reused at different branches of the same
bank. So in order to ensure funds go to the correct beneficiary, the
US is now requiring all wire transfers to use 24 digits that include
the beneficiary account number AND the code of the branch and
institution.

Likely beneficiaries will need to go to their bank and specifically
ask for the 24 digit number. Based on what I was told you may have to
ask the bank manager as tellers may not themselves be aware of this.

This rule is being rolled out so not all banks and not all countries
may yet require this.

--
Mendy Ouzillou

Received on Wed 29 Oct 2014 11:28:14 AM PDT