Wire Transfers FAQ
You can call our VRU at 1-800-447-3817, Option 6. Your call will be routed to our Wire Investigations area. The caller must be an authorized representative. Key will then send a tracer / message out to the beneficiary bank requesting the recall.
A caller must either be a signer on the account, a PIN holder, or a Key Total Treasury user for that account. If a caller would like “Inquiry Only” access, we can setup an Inquiry Only PIN number.
After a wire enters Key’s wire system, it passes through several queues including Fraud, OFAC and Risk. Once the wire routes through those queues successfully, the Fed Reference number is available.
Key recommends the following industry best practices for wire transfers:
- Secondary Authorization on non-repetitive wires
- Telephone back-up for internet or batch initiated wire transfers
- Review authorized users at least annually for both call-in and online access
- Allow for separation of duties
You can choose to receive a callback the following ways:
- Callback − All non-repetitive wires (this is the default process)
- Callback with PIN − All wires; an Authorized Representative must recite PIN
- Callback with $ Limit − Only those wires over the specified dollar limit will be called
- Callback with $ Limit and PIN − Only those wires over the specified dollar limit will be called and Authorized Representative must recite PIN
Callbacks can be waived but is not recommended.
If our Wire Operations team is unable to reach an Authorized Representative, the wire will be held until contact is made. After one day, the Relationship Manager is contacted.
The Wire Operations team will not release the wire until confirmation has occurred.
When it does release, the value date will be changed accordingly.
You can fax a request to 1-866-637-9287, or request a PIN# reset from your Relationship Manager who can send an email to Wire_Transfer_Database@keybank.com
A revised Wire Transfer Authorization (WTA) form is a best practice. Your Relationship Manager can also send an email to Wire_Transfer_Database@keybank.com. A fax on company letterhead will be accepted for deletions, if signed by the same individual who signed the agreement.
For a brand new STO, only the STO form is needed. If a change is required to an existing STO, a fax on company letterhead is required, signed by the same individual who signed the agreement.
You will need to submit a Wire 1031 Drawdown form. This form authorizes Key to respond to an incoming 1031.This form may be faxed or sent via email to Wire Operations Database with customer and Relationship Manager signature.
The batch wire process is used to consolidate multiple wire requests into a single file that is sent as a direct transmission from your system to Key’s file processing system. This file can be sent through web-based file transfer on Key Total Treasury or through the Consolidated Payables platform.
Batch wire processing utilizes domestic, international, and internal wire transfers, and may include drawdown, one-time, and repetitive wire requests.
Key will provide our proprietary batch file format, that represents the standardized file layout for batch wires. If you require assistance translating data from your system into Key’s required format, you may benefit from file transmission and the translation assistance it provides. Consolidated Payables is an additional alternative for transmitting a wire file to Key.
Batch wires are reviewed and released soon after receipt. Key’s system provides an electronic confirmation through Key Total Treasury’s Incoming/Outgoing Wire Activity Report or through Intraday reporting (including the Federal Reserve Bank reference number and other pertinent information)