Wire Transfer Best Practices

Wire transfer allows a bank client to transfer funds, same day, to an outside account. Funds sent via wire transfer are available for immediate withdrawal by the recipient. Wires can be originated through client online banking profiles or by emailing information to Oakworth Capital. The items below are an attempt to provide our clients with the “Best Practices” to ensure security and protection of funds and information.

  • Physical Location
    • Wire transfers should be initiated using a secure computer.
    • Wire-specific information, including account numbers, transaction totals, etc., should be kept in a locked drawer.
    • Computers used for processing wires should be password protected.
    • Passwords should be protected and not be left on a desk or computer monitor.
  • Computer software maintenance
    • Wire user should strive to use updated operating systems.
    • Wire user should employ virus scan software and update regularly.
    • Wire user should employ a firewall.
    • Wire user should have knowledgeable IT staff or use qualified IT vendor.
    • Wire user should limit browser use to specific, secure, known sites.
  • Password Security
    • Passwords should be unique and changed regularly.
    • Login credentials and passwords should not be shared among employees.
    • Each user should have unique login credentials and passwords.
    • Passwords should contain both numbers and letters.
    • Client should notify bank immediately of designated user termination.
  • Wire Transfer Security
    • Account information should be verified prior to initiating wire transfers via phone call to a number in file and not via email.
    • Account information changes received via email should be verbally confirmed by wire user via phone call to number in file and not via email.
    • Wire users should establish alerts in Online Banking to notify them of any file changes and when file is originated.
    • Wire user should regularly review processed wire transfers, account activity and bank statements for any unusual transactions.
    • Wire user should notify bank immediately if suspicious activity is detected.

For more information about wire transfers, please contact the Solutions Group at (205) 263-4700.