Wire Transfer Policy
This Wire Transfer Policy addresses the sending and receiving of wire transfers for a bank, credit union, or other type of financial institution. The subsequent sections of this template outline an organization’s efforts to provide appropriate physical and logical access controls and safeguards to ensure that only authorized personnel have access to create, verify, and issue funds transfer instructions on behalf of the organization and its customers, in addition to guarding against inadvertent errors or omissions.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Risk Management – Topic 3
- Security and Control Procedures – Topic 4
- Outgoing Wire Transfer – Domestic – Topic 5
- Outgoing Wire Transfer – International – Topic 6
- Outgoing Wire Transfer – Method of Funding – Topic 7
- Wire Transfer Agreement – Topic 8
- Outgoing Wire Transfer Request Form Topic 9
- Outgoing Wire Transfer – Origination Procedures – Topic 10
- Outgoing Wire Transfer – Internet Banking – Topic 11
- Outgoing Wire Transfer – In Person Request by Customer – Topic 12
- Outgoing Wire Transfer – Customer Request by Telephone or Fax – Topic 13
- Outgoing Wire Transfer – Proceeds from a Loan – Topic 14
- Outgoing Wire Transfer – Customer Requests by Mail – Topic 15
- Incoming Wire Transfer – Receipt and Verification – Topic 16
- Incoming Wire Transfer – Crediting an Account – Topic 17
- Incoming Wire Transfer – Crediting a Loan – Topic 18
- Incoming Wire Transfer – Pay Upon Proper Identification – Topic 19
- Service Charges – Topic 20
- Tracing a Wire Transfer – Topic 21
- Daily Reserve Position – Topic 22
- Balancing and Certification of Wire Transfers – Topic 23
- Audit Policy – Topic 24
- Staff Training – Topic 25
- Retention of Documentation – Topic 26
Recent updates to this product:
12/16/24 Update
Federal Reserve Financial Services (FRFS) Adoption of the ISO 20022 Message Format for the Fedwire Funds Service
This Wire Transfer Policy (approximately 22 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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