There are various ways to transfer money from your account to someone else’s. You could either use a wire transfer, which is perfect for moving a huge amount of money locally or internationally. Or you can make a check deposit, which is ok, but not recommended if you want the transfer to be fast. Aside from these two methods, we also have ACH and electronic transfer. Whichever of the transfer methods you use, you must note that there often a possibility that your transfer may get stuck. And when that happens, what follows?
If a transfer doesn’t go through, the money sent won’t get to the intended beneficiary. In that case, you’ll have to figure out the reason for the failed transfer and hope that your bank rectifies it. Factors like incorrect details, rejected transfer, etc., could be the cause of a failed transfer.
One of the worst things that can happen to you is discovering that a transfer you made didn’t go through. The worry and fear that comes with such discovery can be so nerve-wracking. If you are unlucky and your bank transfer didn’t get to the intended beneficiary, or there was a bank transfer delay, you’d be eager to know what next. What happens when the $4,000 you sent to your spouse didn’t go through? Does it mean it’s lost? Will the beneficiary get it at last? If you have questions regarding such an issue, you should read this article to the end.
How Long Does an Online Bank Transfer Take?
What Happens if a Bank Transfer Doesn’t Go Through?
Not all bank transfers would go through. Not all bank transfers would get to the designated recipient. Some would be delayed due to legal reasons or due to issue with processing, while some would be sent to the wrong recipient due to mistakes by the sender. These things happen frequently. And who knows, tomorrow, you could find yourself worrying about a failed transfer or the reason for a wire transfer hold.
When you find yourself in any such situation, you should equip yourself with helpful information rather than go into panic mode. For instance, if a bank transfer doesn’t go through probably because it is being delayed, you should know why to understand the situation better and learn how to avoid a reoccurrence.
In light of that, I have highlighted some reasons for a bank transfer delay.
Reasons for a Bank Transfer Delay:
Incorrect Banking Details:
One of the most common reasons why a payment is rejected is because the routing number, sort number, SWIFT number, bank account number, or IBAN was entered incorrectly. If you enter one incorrect digit, it can result in a delay in receiving or sending a payment as the bank must determine where the money needs to go before sending the money as requested.
If you discovered that you might have entered a detail incorrectly, you’d have to contact your bank ASAP. They can’t stop a payment that has already been initiated. However, most banks will act on your behalf to track down your money and recover it.
Is bank transfer not showing up? Here is another reason.
Bank Error:
Even if the account details or the sort code of the recipient have been correctly entered, a bank error can delay or halt the transfer. If that happens, the first step to take is to ask the sending bank to provide evidence that the transfer has been initiated. If the bank can prove that the transfer was made, they should investigate and try to recover the money.
Time of Transfer:
The time a transfer was made could be another reason why it is being delayed. Transfers made during a weekend or on holiday could be delayed. This might occur because most banks process the transfer only on business days. Because of that, the funds will be delayed till the next business day. However, if you don’t get the transfer after several business days, there is a huge chance that the transfer has failed. In that case, you’ll need to complain to your bank.
Also, you must be aware of the necessary bank-to-bank transfer time, so you know the ideal time to send money without having it delayed.
Time Zone:
This is associated with international bank payment delays between destinations where there is a massive gap between the time zones. For example, processing a transfer request from a US bank while residing in Australia means that your request will be pending processing till the US bank opens, and vice versa, leading to that frustrating reply of “international bank transfer not received.”
Having understood the various reasons why your bank transfer could be delayed, let’s consider the crux of this article.
What happens if a bank transfer doesn’t go through?
If a bank transfer doesn’t go through, probably because you entered the wrong account number or IBAN, the recipient won’t get the money. Whichever the case, whenever you discover that there has been a lengthy delay in a transfer, it is essential that you call the attention of your bank to the issue. Your bank has to initiate a trace to discover the location of the money. If the money was sent to a wrong account that is active, recovering it without the account owner’s consent may be impossible. However, be rest assured that your bank will do its best to ensure that your money is recovered legally, without any issue.
Can Money Get Lost In a Wire Transfer?
Why Would a Bank Transfer Not Go Through?
When you initiate a bank transfer, you expect it to go through without any issue. However, sometimes that is not always the case. Your bank transfer could be delayed for several reasons, or worse, it could fail. Why do bank transfers fail? Or put differently, why do bank transfers not go through?
There are several reasons why bank transfers don’t go through. It could be because you entered a wrong account number, IBAN, or SWIFT number. Or it could also be because you don’t have sufficient funds in your account.
If you made a transfer and it failed to go through or you discover that it is being delayed, don’t hesitate to contact your bank ASAP to resolve the issue.
