PSA: Wired my business account to the wrong vendor number last month

Was sitting at my desk in Chicago rushing through a Friday afternoon payment batch and accidentally typed a 7 instead of a 9 on the account code, which took six phone calls and a whole week to reverse, so has anyone found a reliable way to double-check wire details without slowing down the whole process?

2 comments

2 Comments

kimr745d ago

Did you catch that post from a corporate accountant on a finance subreddit last week? They said to use a two-person review system where you read the wire details out loud. It's way slower at first but it stops mistakes like this. I tried it with my own payments after reading about someone who lost a huge deposit to a typo. Yeah it takes an extra 2 minutes per batch but that's nothing compared to a week of phone tag with banks.

quinncarr3d ago

I had that same sinking feeling last Tuesday when I fat-fingered a wire and sent $800 to the wrong account. My heart just dropped into my stomach because I knew exactly how long it would take to fix. The two-person thing sounds annoying but honestly my husband and I started doing it for our joint payments after a similar scare. He reads the routing number out loud while I double check it on the screen and we catch typos almost every time now. It's like that extra 90 seconds of awkward reading aloud saves us from a whole afternoon of panic and bank holds. Feels good to know I'm not the only one who learned this lesson the hard way.