Wire Transfers FAQ
Abbreviations or initials in the beneficiary account information fields could cause delays in the processing of the wire. When possible, avoiding the use of abbreviations or initials is strongly recommended.
You can call us at 1-800-447-3817, Option 6. Your call will be routed to our Wire Investigations area. The caller must be an authorized representative on your account. 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 KeyNavigator user for that account. If a caller would like “Inquiry Only” access, we can setup an Inquiry Only PIN number.
After your wire request is received and approved, Key must complete several mandatory processes prior to sending your wire to the Fed. These processes typically take several minutes to complete, but in some cases may take up to a few hours. Once your wire is fully processed, 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 their PIN
- Callback over a Limit − Only those wires over your selected dollar limit will be called
- Callback over a Limit with PIN − Only those wires over the specified dollar limit will be called and your authorized representative must recite their PIN
If our Wire Operations team is unable to reach an Authorized Representative, the wire will be held until contact is made. After one day, your Relationship Manager will be 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.
Please consider enrolling in KeyNavigator Mobile which offers wire authorizations on-the-go.
You can fax a request to 1-866-637-9287, contact your Relationship Manager or Payments Advisor who can request a PIN reset on your behalf.
Please contact your Relationship Manager or Payments Advisor who can submit a request on your behalf. We will also accept a fax on company letterhead for deletions; the faxed request must be signed by the same individual who signed your agreement.
Please ask your Payments Advisor to assist you with submitting a new Standing Transfer Order. If you need to make a change to an existing Standing Transfer Order:
- You may submit a fax on company letterhead; the request must be signed by the same individual who signed your agreement.
- Your Payments Advisor can assist you with submitting requested changes.
You will need to complete a Wire 1031 Drawdown form. This form authorizes Key to respond to an incoming drawdown request. Please contact your Relationship Manager or Payments Advisor for assistance.
Batch wires consolidate multiple wire requests into a single file that is sent as a direct transmission from your system to Key’s file processing system. Batch wire files may be sent to Key in one of three ways:
- Secure FTP direct transmission
- KeyNavigator’s web-based file transfer
- Consolidated Payables
Batch wire processing utilizes domestic, international, and internal wire transfers, and may include drawdown, one-time, and repetitive wire requests.
Key will provide you our proprietary batch file format. If you require assistance translating data from your system into Key’s required format, Key offers comprehensive file translation services.
Batch wires are reviewed and released soon after receipt. Key’s system provides an electronic confirmation through KeyNavigator’s Incoming/Outgoing Wire Activity Report or through Intraday reporting (including the Federal Reserve Bank reference number and other pertinent information).