Understanding Wire Transfers

What Are Wire Transfers? Wire transfers are electronic money transfers that move funds from one bank account from another. They are typically completed same day as long as you submit your request before the daily deadline. Some financials use an intermediary service while some communicate directly.

Wires can accommodate larger amounts compared to other methods and are better for one-off payments. Typically there is no holding period because they are “verified” funds. If you are looking to make scheduled transfers, or only need to move a small amount, ask about a reoccurring ACH payment or cashier’s check instead.

It is important to know wires are final and cannot be reversed once the funds have left your account.

What is Needed for a Wire?

Domestic wires need the person sending the wire to know the full account number, legal name, physical address, bank name, ABA/routing number, and bank address of the recipient. This is why it is important that you know and trust the person you are sending (or receiving) money from. Your account information can be used in many different ways and you are trusting them to only use it for its intended purpose.

It is best practice to contact your financial directly in case there are special forwarding instructions when receiving wires. Wires can be rejected by the recipient if there is missing or incorrect information.

Different banks have different rules for wires. Some will require wet signatures, and some will use an online service. Be prepared to verify your identity and work with your financial to complete the request. In addition, most financials have a wire sending fee and a wire receiving fee. You will need enough funds to complete the transfer and pay the fee.

Protecting Yourself from Wire Fraud

Wire transfers are a convenient way to move money between financials when you need speed and security. However, they are also a convenient way for fraudsters to steal your money or banking information.

1. Never give your account number to another person unless you have full faith it will be used for its intended purpose. If your account information is compromised, typically the only solution is to close your account and open a new one. Recovering stolen money is very difficult and rarely happens.

2. Do not accept funds on behalf of another person. A bank account requires a lot of personal information, and if something bad happens, it will be tied back to the account owner. Ask yourself why they cannot accept money in their own name. Chances are it’s because they do not want to be caught and you’ll be on the hook instead.

3. Being asked to cash a check and wire out the funds is suspicious. Just as easily as they sent the check to you, they could have sent it to it’s final destination. You are liable for paying the bank back if a check bounces and you have wired out the funds. Promises to “give you a cut,” “return overpayment,” or “share a portion of the profits” can be indicators of money mule schemes.

4. Answer questions honestly at the bank. The employees at your financial have been trained to spot scams, and deal with these types of transactions daily. By answering honestly and truthfully, they can give you an outside perspective and potentially prevent you from being a victim of theft or accomplice in a crime.

5. Do not make decisions in haste or under pressure. Scammers will use emotionally charged scenarios to make their requests seem urgent. Common stories include threatening arrest, being stuck in another country, pretending to be a friend or relative, or giving you a limited time offer. If someone reaches out to you out of the blue, remember to take a moment to step back, rethink the situation, and verify any information.

Wire fraud can be one of the worst forms of fraud due to the permanent nature of the transfers. Thieves will withdraw the funds before you have a chance to realize what has happened since they can be completed quickly and the money moves instantly.
 
Evergreen Credit Union is a money-smart and earth-kind financial in Neenah and Appleton, Wisconsin. Membership is open to everyone who lives or works in Outagamie, Waupaca, Waushara, Calumet, or Winnebago counties. Information accurate as of 2/26/2026.