We must retain certain information regarding any wire transfer originated or received by CCB for a period of 5 years. We must retain an original, copy or reproduction of all payment orders for which we act as an intermediary or as a beneficiary bank.
Originating Bank
We must fill out the Wire Transfer Record completely whenever we initiate a wire transfer for a client. Outgoing wire transfers are to be conducted for CCB clients only. The Bank Secrecy Act (BSA) Travel Rule requires that we have a record of the following information:
- Name of originator
- Account number of the originator, if used
- Address of originator
- Amount of payment order
- Execution date of payment order
- Payment instructions received from the originator
- Identity of the beneficiary's bank
- Name of beneficiary
- Account number of beneficiary
Note: This information shall be recorded and retained if received with the payment order, including any other information regarding the beneficiary that the client provides, even if not required, to complete the payment order (for example: address, DOB, country of origin).
Travel Rule
The following information must be included in the transmittal order for covered transfers:
- Name of the transmitter
- Account number of the transmitter, if used
- Address of the transmitter
- Identity of the transmitter's financial institution
- Amount of the transmittal order
- Execution date of the transmittal order
- Identity of recipient's financial institution
- As much information regarding the recipient as possible (Name, address, account number) as received with the transmittal order.
Beneficiary Bank
If the beneficiary is an established client of the beneficiary bank, the bank need only retain the information listed in Originating Bank tab.
All wire fees for Private Client Checking Accounts (consumer only) are waived, including fees for wire investigations and returns. These accounts will be set up with waived fees by Deposit Services upon account opening, DO NOT CHANGE any wire fees for Private Client Checking Account wires.