What happens if a bank no longer use an intermediary bank?
Choicebank used to have an intermediary bank north channel bank.
Now it no longer uses it.
However my business partner sent money to me through the old wire instruction.
Choice bank says that the money will be returned or they have to recall.
Actually what happens when things like this happen? Does choice bank have a bank account in north channel bank and then close its account?
Once its account is closed what happens to wire sent there?
This was the last payment instruction
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If your counterparty sent money to a correspondent account at another bank, then it is completely up to the other bank what to do with the money.
If the wire transfer completed, then the account is not closed.
If I were your business partner, I would immediately contact the bank to which the transfer was made and explain the situation and hopefully they will transfer the money back.
Whenever a wire transfer is made, the recipients name, address, and account number are included. If that name, address and account do not belong to you, then you have a problem because you have no legal right to the money in a court of law. For this reason, you should be avoid any situation where you are wiring money to anyone except the intended recipient.
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