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Hello and thank you for your question.
The bank should have a wire transfer agreement that states what the obligations of the bank are with regard to wire transfers. Do you have a copy this agreement?
This is a hypothetical situation. This question came up at a seminar I was taking and I am more curious than anything else. Let's assume for a moment that there is a wire transfer agreement. My assumption would be that in most of these agreements there would have a clause that limits the bank's liability due to their failure to perform as promised, correct?
They certainly limit their liability. The key is finding that they breached one of their duties in the terms.
Would you like a couple of samples and the UCC Laws?
Each State has a regulatory agency that oversees financial institutions chartered in that State. For Example in California it is the Department of Financial Institutions http://www.dfi.ca.gov/
U.C.C. - ARTICLE 4A - FUNDS TRANSFER
FDIC Law, Regulations, Related Acts PART 205-ELECTRONIC FUND TRANSFERS (REGULATION E)
Capital One takes limited responsibility http://www.capitalone.com/online-banking/transfer-funds/external-agreement/
International Bank of Chicago http://www.inbk.com/pdf/Wire_transfer_agreement.pdf
I hope I have provided you with helpful information. Please let me know if you have any additional questions for me regarding this matter.