An Ontario couple says the $10,000 wire transfer they sent their son in Alberta was deposited into the wrong account, and then disappeared. An expert says Canada's wire transfer system is flawed and prone to errors.
Robert and Barbara Behan battled both TD Bank and CIBC for months, trying to figure out how $10,000 they wired to their son ended up in a stranger's account.
Weeks later, CIBC told the Behans the money was gone — deposited into someone else's account the day it was sent — and that the account holder had withdrawn all $10,000 the next day, then shut the account down. All of this could have been prevented if banks had a better system in place to make sure wire transfers end up in the right place, says banking expert Werner Antweiler.
"I worried constantly. I said to all the bank managers and everybody we've been in touch with, 'If this was your $10,000, would you be so laid-back about it?' It's $10,000. It's not a $1.50. It's hard-earned money," Barbara said. The couple says they were bounced back and forth between the two banks, with neither taking responsibility.
TD told the couple the missing funds were CIBC's fault — because it put the money into someone else's account after TD had successfully transferred it.Such errors are a direct result of Canada's flawed wire transfer system, says Antweiler — a system, called Lynx, that's prone to mistakes even though it was launched just last September.
Lynx doesn't require banks to match the account number with the name of the account holder — and Antweiler says most banks don't — which increases the chance of errors like what happened to the Behans."We need to allow Canadians to transfer money more easily from bank to bank … a system that is not as error-prone, where if a few characters are wrong, the money ends up in the wrong place," he said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario government to introduce legislation to lower gas tax: source | CBC NewsOntario Premier Doug Ford's government will introduce legislation on Monday to cut gasoline and fuel taxes, CBC News has learned.
Read more »
Federal government to announce high-speed internet for low-income seniors, families | CBC NewsThe federal government is partnering with 14 internet service providers to offer $20-per-month high-speed internet to low-income seniors and families, a source says.
Read more »
Zelensky says fixation on Mariupol has left Russia weakened | CBC NewsResidents of Ukraine's besieged southeastern coast awaited possible evacuation Sunday as the country's president said Russia's obsession with capturing a key port city had left it weakened and created opportunities for his military.
Read more »
CBC Radio's The House: Canada to the defence | CBC RadioOn this week’s show: Ukrainian MP Ivanna Klympush-Tsintsadze details the pleas her colleagues have made to the PM for more support. CBC’s Vassy Kapelos reports on the refugee crisis unfolding on the ground in Poland. NDP Leader Jagmeet Singh lays out his party’s budget expectations for investments in health care and housing. Plus — ahead of next week’s budget, a dive into what’s on the shopping list for the military and a look at Canada’s fiscal capacity.
Read more »
Welcome to Canada: You've been scammed. Ukrainian mom, daughter rescued by Ontario family | CBC NewsAlena Neklyudova and her nine-year-old daughter fled Ukraine and now call Cambridge, Ont., home. But the journey was not easy. After leaving their family behind and getting scammed about a home in Montreal, Neklyudova's cry for help on social media was answered by a family of six.
Read more »
'A phenomenal feeling': Muslims gather for Ramadan as COVID restrictions lift | CBC NewsThis weekend marks the first time since the start of the COVID-19 pandemic that Ottawa's Muslim community is able to celebrate Ramadan in person, as most pandemic restrictions have now been lifted.
Read more »