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Fed Wire, Fedwire, Federal Wire

The Fed Wire electronic transfer system is a network linking together the Federal Reserve Board of Governors, the Federal Reserve Banks and branches, the U.S. Treasury Department, and other federal agencies.  It is used for the transfer of funds only!  It is used by the Reserve Banks and the Treasury for large dollar time-sensitive payments, such as funds transfers between CORRESPONDENT BANKS, and sales of book entry U.S. government securities.  Federal Reserve member banks and other depository financial institutions also have access to the Fed Wire network, and they use it to perform their own interbank transfers and monetary transfers for their customers.

There is no such thing as a "Conditional Fed Wire" (see CONDITIONAL S.W.I.F.T.).  A Fed Wire can be sent with instructions in the form of a separate fax referring to the funds transfer by name, amount, transfer code, etc. 

Supposedly, if the receiving bank cannot comply with the instructions, then it must contact the sending bank.   CAUTION: Just because it is the duty of the receiving bank to notify the sending bank that it cannot comply with instructions doesn't mean that you are guaranteed that this will happen.  Due to circumstances beyond the sending bank's control, particularly if the receiving bank is outside U.S. borders, a simple acknowledgment of receipt may arrive with no other notification.  You are not safe to assume that the instructions sent were legal, compliable, or even financially feasible.  

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