FedWire Transfer of Funds

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Banking Law Journal. Volume 104, Issue 5 (1987), p. 412-446.


The author explores the legal framework applicable to FedWire, the most extensive domestic large dollar system in the United States. The author analyzes the rules governing funds transfer under Fed- Wire, how access to FedWire funds is achieved (transfer items and requests), the steps involved in making a FedWire funds transfer from a non-Reserve Bank transferor for a beneficiary; the time schedule for the execution of a funds transfer; revocation and errors; and settlement and daylight overdraft.

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