Bankings Final Failure, 'Recall' of Wire Transfers

In recent days, there has been an evolution in banking practices. The final failure after allowing the counterfeiting of credit cards, cashiers checks and money orders . The banking industry has started a new process called a "Recall" were the bank recalls a wire transfer and takes the funds back out of your account. You may already know that a 'Wire Transfer' was the safest and most secure means to transfer verified cash funds from one bank to another, with no fraud possible because the fund were bank certified from the sending bank prior to the process. There was no possibility of failure and the funds were guaranteed because of the stringent banking procedures.

But now, that has all changed and in the most financially turmoiltulist times the world has ever seen. With the new proceedure, the banking industry calls a 'Recall', they can remove the certified funds from your account at any time. The bank and specifically Lost Prevention Wells Fargo Bank N.A., which appears to have initiated this new procedure, gave no time limit stating that it could take place at anytime. The impression was that it could be years after the wire transfer. This was our last safety net in the financial world of banking. You should see a tremendous drop in the stock market directly related to this act and the banking industry itself will be the most damaged by this new unethical business practice. Note also that Wells Fargo Bank N.A. is to hold the fund for lengthy periods of time in their Accounts Receivable. Nothing was ever noted of the funds ever returned to the original owner. Some have called this action Internal Bank Robbery. How successful have banks come and how far will they fall? You may also want to note that Loss Prevention at Wells Fargo has no outgoing call capabilities; can not and will not use email for customer service or the Internet and refuses any other customer service.


Note: AP, UPI and all other news agencies are free to publish at no cost.