Taxing Faxing, Part 15

| Working | February 7, 2016

(I am in charge of supervising money transfer between Bank’s partners and clients. We received a request to kickback an erroneous wire our client received a few months ago, and the order took an unusual amount of time to process due to lack of information. Eventually, the colleague in charge of processing wires confirmed she executed the transaction.)

Colleague: “It’s all done, [My Name]! I sent the fax for the transactions.”

Me: “A fax? Isn’t this done usually by emails?”

Colleague: “Yes, but our protocol requests that we proceed to these transfer through faxes.”

Me: “I see… The order has already been delayed for a while. How long do you think this will take to be processed?”

Colleague: “Probably one or two days.”

(Three days pass and we still do not see any evidence of money transfer going out. Our client is eager to have this payable out of its book and ask if we could just cancel the fax transaction and issue a regular wire instead of the whole kickback procedure.)

Me: “[Colleague], please call [Counterparty] and cancel the wire you issued earlier this week. [Client] wants to make a regular wire quicker by email. I’ll be in a meeting for the next hour, but do confirm me when you have cancelled the transaction so we can proceed as quickly as possible.”

(Later, I received the following email from my colleague:)

Colleague: “All right! I sent the fax to cancel the wire!”

(I literally had to bang my head on the desk for the next minute.)

 

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