International wire transfer gone wrong

GavinJones1

Hi all!

I recently (2 months ago) did an online wire transfer from a well-known share-dealing company in the US mistakenly not using an IBAN or BIC and have been trying to chase where my money had gone. The issue is that the trace with the dealer (eTrade) has said the money went to HSBC but I have a FirstDirect account, and they have 5 times denied they have not received the wire; I have also asked them to contact HSBC as the wire was sent to HSBC and they have not done so. It is extremely frustrating as I am hoping to benefit from IPOs post-lockdown and am concerned it wil takes months to get my money recalled. Any advice on this is welcome :-)

sausage_time

It's many years since I use etrade, but back then all they needed was SWIFT/BIC code, sort code, and account number (as well as account name, etc) - not IBAN.  What details did you give them?

colsten

Complain to the eTrade CEO, and possibly also the HSBC CEO.

maxsteam

eTrade is part of Morgan Stanley, an established company. You should submit a complaint to the SEC. In UK you are generally expected to complete a formal complaints procedure with the company concerned before the regulatory bodies will consider getting involved but, I believe, SEC do not require this step. 

There is nothing wrong with contacting the banks involved but you should not let eTrade pass responsibility. You are correct that it is likely to take time to get this resolved. If you provided the correct details, the funds should either reach you or get recalled and sent again.

Voyager2002

First Direct is part of HSBC so the funds are almost certainly within the HSBC system. If your bank has not taken reasonable steps to trace the funds then it is to them that I would be complaining.

Thrugelmir

If insufficient details were provided on the transfer then the money is probably sitting in a suspense account in the bowels of HSBC.  In time somebody will get round to addressing it. Either send the money back or forward it on. Given the volumes the banks deal with on a daily basis. Be a question of waiting.  Not least that in these Covid times that administrative support will not be operating at anywhere near 100% capacity.