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Category: Legal
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Experience:  29 Years In General Practice,
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A vendor drops you as a customer because your bank failed to

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A vendor drops you as a customer because your bank failed to wire a payment to the vendor. You have proof that the bank received and acknowledged your request and their were adequate funds in your account for the transfer. Can the bank be held liable for the resulting economic loss you incurred? Do you know of any cases to support your answer?

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?

Customer: replied 4 years ago.

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?

Customer: replied 4 years ago.

Yes, please.

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






Capital One takes limited responsibility




International Bank of Chicago


I hope I have provided you with helpful information. Please let me know if you have any additional questions for me regarding this matter.

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