Oct 292014
 

Federal Reserve Bank of New YorkQuestion:

The Federal Reserve Bank of New York, is trying to send me money through a wire transfer to my bank account and they are asking me for my banks swift code. I called my bank and they said they don’t have a swift code. The federal Reserve bank in New York, told me that I have to register the code, and to do that, I had to pay $427. I need to know if this is right.

By the way, I am in Texas. I need a response to this message ASAP please. Thank you

Cheryl

Answer:

Dear Cheryl, thanks for writing to us.

You said the Federal Bank wants to send you money and they want a SWIFT code for your bank. Do they want you to pay them $427 for registering a SWIFT code? A bank individually registers for it, it is not upon their customers to do it. If they don’t have a SWIFT code, they are not a member of SWIFT community.

If you haven’t read our article on SWIFT codes, I urge you to read it here. SWIFT is used i case of international transfers, and for local transfers within the US, you have the Fedwire network. I doubt that the Federal Bank of New York would request for a SWIFT code for sending money to Texas. They could use a local framework instead.

I advise you to be careful because scams in the name of Federal Bank are quite common these days. You could read this on the bank’s website. I’d like to quote a statement from a link on that page:

The Federal Reserve Bank of New York and other Federal Reserve Banks will never contact the public via unsolicited phone calls or e-mails asking for money or any other type of personal information. Moreover, the Federal Reserve Bank of New York and other Federal Reserve Banks will never contact the public regarding the issuance of a wire transfer.

Having said all this, even if this was a genuine case, then remember that you are not supposed to pay for registering a bank as a member of the SWIFT network. Whoever is requesting money from you maybe trying to scam you, so be alert.

  2 Responses to “Federal Reserve Bank Wants to Send Me a Wire Transfer”

  1. I appreciate your response to my email. I got scammed!!! I paid someone over $2,000 trying to get a wire transfer to my bank and every time I gave them money they would come up with another reason for another charge for transfer. I have the phone number and I have names, but I do not believe they are their real names. They would always ask me to get a green dot card and place money on it and then scratch the code off the back and give it to them and then once they had the money they would come up with another problem and wanting more money. I finally stopped giving them money due to the fact that they took all I had and was over drawn in my account and then they told me that my credit score to too low and I had to pay them $450 to get my score up to receive the money. I was to receive $7,000, but now I am in the hole $2,000. I would like to know what I can do about this. If there is any information you can give me, I would greatly appreciate it. Thank you so very much for responding. Please contact me as soon as you can. Thank you.

  2. I am sorry that you were scammed. Such scammers find new ways everyday to trick the public and get paid. According to a report from last year, a new way they have adopted is to use Green Dot MoneyPak cards.

    I am afraid there is no way to recover the $2000 you have lost. You could however see if the cops can help you, by reporting the numbers you received calls from. You could even file a complaint using the online complaint form.

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