Money Transfer Archives

Money transfer goes to the wrong account

One digit wrong, $100,000 gone

Alex transferred $100,000 to the wrong account through a payment service provider. When the funds could not be recovered, Alex complained about a delay in the provider’s response.

Money transfer sent to wrong account

Aimee sent $4,000 to the wrong account. The recipient bank placed the transaction on hold, but Aimee initially did not receive the money back. Did the money transfer service do all they could to help?

Funds linked to a pending transfer

Alex deposited money into his money transfer account, but the funds didn’t appear in the account because they were used to cover a pending payment he had unintentionally set up.

Sending money overseas? It’s not just the account number that needs to be correct

Raymond sent almost NZ$20,000 overseas to his son using an international money transfer service, but the money never arrived. He later discovered that he had entered the routing number for the wrong bank.

Vulnerable consumer loses entire inheritance to convincing scammer

A scammer persuades a consumer to transfer money into a money transfer service’s account and gains access to her PINs and passwords to steal the money.

If your identity is fraudulently used to set up accounts, are providers obliged to delete all account information?

Dan discovered that his identity had been used to open several fraudulent accounts when he was applying for finance. One of the account providers involved said they could not delete or release some account information, even though the accounts were fraudulently opened.