Can I sue bank because they don''t want to return it when the name account is not matching and this account is fraudulent account in their bank?
Asked on May 12th, 2012 on Business Law - Tennessee
More details to this question:
My supplier email got hacked and asked me to wire the money to new account. Unfortunately I believed this request and wired the money. Less than 12 hours, my suppliers notified me that this is wrong account after I wired the money. I called my bank ((FTB) in less than 12 hours to stop the wire transfer. Also I went to bank that I wired the money (Suntrust) to request if they can freeze the fund (my money). The Suntrust officer mentioned the money was freeze and I should get my money back. Also, Suntrust confirmed that the account name doen''t match with the account name in their bank. However Suntrust didn''t decline the money even the account name isn''t same. Suntrust told FTB (my bank) that the money was gone after 10 days. However, I went to local bank to investigate next day. The Suntrust representative in my local area mentioned that the Suntrust Fraud Department has the money. However, I can''t get my money back from Suntrust. I really appreciate for your advise.
This kind of situation is problematic. As a general matter, you must look exclusively to your bank, not the recipient bank, to attempt to recover the money. However, if the funds are being held by the recipient bank and they are lawfully yours, you may have a shot at recovering them. The first step is to demand payment in writing. Send the demand letter by certified mail. If that doesn't work, see an attorney.
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