Contributed by: Jeanette LoPiccolo, CFP®
Clients occasionally request a wire transfer from their Raymond James account. We're delighted to assist, but we want you to be informed about the possibility of an industry-wide delay in the process. While most wire transfers occur promptly on the same day requested, a few are delayed.
Who is impacted?
All financial institutions using the wire transfer system are impacted.
Why is this happening now?
Recently the federal government and international financial communities have instituted a more comprehensive due diligence review process for electronic wire transmissions, including domestic and international. For Raymond James clients, we have partnered with Citibank to provide wire transfer services. These U.S. federally mandated reviews may cause delays at Citibank as the wire transfer sender or delays at the receiving financial institution.
How long are the wire transfer delays?
We do not have an estimate of how long the reviews might take at the banks, as in some instances, the turnaround times have ranged from several hours (most common) to several business days and, in isolated cases, have run up to several weeks.
I plan to send a wire transfer in the future. What can I do to avoid this?
If you're planning to send a wire transfer in the future and want to avoid potential delays, don't hesitate to contact your Client Service team member. We're here to review your specific situation and suggest ways to reduce the chance of any inconvenience.
Jeanette LoPiccolo, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.® She is a 2018 Raymond James Outstanding Branch Professional, one of three recognized nationwide.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.