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Author Topic: Did I just lose $2000 wiring money trying to buy BTC today?  (Read 419 times)
Bcjohnson1906
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May 31, 2017, 12:47:34 AM
 #1

Hey all, If you're familiar with wired transfers through Gemini they send you information once you request one as far as what to put for information in the wired transfer itself. It consists of the following which I sent off this morning.

Beneficiary Name: Beneficiary Account #

Receiving Bank Name: Bank ABA:

Memo: (5 letters they REQUIRE you to put...XXXXX for example)

Now this is where the employee and myself screwed up, and mistakenly put my FULL NAME as the Beneficiary rather than "Gemini LLC" and for the Memo they put "Investment-Ref: XXXXX" instead of just "XXXXX".

Now I'm not to familiar with wired transfers but the funds still aren't loaded up on Gemini with it being the afternoon, and my money has been taken out my account. Will my wire transfer get rejected, take more time to go through, or am I gonna lose my money?
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May 31, 2017, 12:57:40 AM
 #2

Hey all, If you're familiar with wired transfers through Gemini they send you information once you request one as far as what to put for information in the wired transfer itself. It consists of the following which I sent off this morning.

Beneficiary Name: Beneficiary Account #

Receiving Bank Name: Bank ABA:

Memo: (5 letters they REQUIRE you to put...XXXXX for example)

Now this is where the employee and myself screwed up, and mistakenly put my FULL NAME as the Beneficiary rather than "Gemini LLC" and for the Memo they put "Investment-Ref: XXXXX" instead of just "XXXXX".

Now I'm not to familiar with wired transfers but the funds still aren't loaded up on Gemini with it being the afternoon, and my money has been taken out my account. Will my wire transfer get rejected, take more time to go through, or am I gonna lose my money?

You are going to lose your money, that's it next time make sure not to mistakenly make a mistake like this Cheesy Cheesy
Chill the hell up, you'll get your money back don't worry it's not like bitcoin being irreversible.

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May 31, 2017, 01:02:35 AM
 #3

Hey all, If you're familiar with wired transfers through Gemini they send you information once you request one as far as what to put for information in the wired transfer itself. It consists of the following which I sent off this morning.

Beneficiary Name: Beneficiary Account #

Receiving Bank Name: Bank ABA:

Memo: (5 letters they REQUIRE you to put...XXXXX for example)

Now this is where the employee and myself screwed up, and mistakenly put my FULL NAME as the Beneficiary rather than "Gemini LLC" and for the Memo they put "Investment-Ref: XXXXX" instead of just "XXXXX".

Now I'm not to familiar with wired transfers but the funds still aren't loaded up on Gemini with it being the afternoon, and my money has been taken out my account. Will my wire transfer get rejected, take more time to go through, or am I gonna lose my money?


I dealt with this for the Etsy. IPO, courtesy of Wells Fargo (you are a basrard, Wells Fargo). Wires are a sensitive thing. If the recipient is not clearly named, for AML/KYC purposes, the wire will usually be rejected. If the wire is accepted, it will have to be attributed to an account, as it is attached to your social via your bank account. What I'm trying to say is, contact the exchange. They can't deny you your funds if they actually left the account and don't return. They accept them, you will basically get them. If they claim they didn't get them, the wire failed, and you will get a fee of 15-30 bucks, depending on your bank/account. You will have to resend. This cost me 25% on the Etsy IPO, my banker cost me 3 weekdays after attributing the wire to the wrong account. Morgan Stanley handled the offering, I have mean, choice words about them too, but I will keep them to myself.

Talk to your banker tomorrow, see if it provisioned. Since it's instantaneous, it probably did, contact the exchange as well.

I used to work at CEX Smiley

Bcjohnson1906
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May 31, 2017, 02:11:02 AM
 #4

Hey all, If you're familiar with wired transfers through Gemini they send you information once you request one as far as what to put for information in the wired transfer itself. It consists of the following which I sent off this morning.

Beneficiary Name: Beneficiary Account #

Receiving Bank Name: Bank ABA:

Memo: (5 letters they REQUIRE you to put...XXXXX for example)

Now this is where the employee and myself screwed up, and mistakenly put my FULL NAME as the Beneficiary rather than "Gemini LLC" and for the Memo they put "Investment-Ref: XXXXX" instead of just "XXXXX".

Now I'm not to familiar with wired transfers but the funds still aren't loaded up on Gemini with it being the afternoon, and my money has been taken out my account. Will my wire transfer get rejected, take more time to go through, or am I gonna lose my money?


I dealt with this for the Etsy. IPO, courtesy of Wells Fargo (you are a basrard, Wells Fargo). Wires are a sensitive thing. If the recipient is not clearly named, for AML/KYC purposes, the wire will usually be rejected. If the wire is accepted, it will have to be attributed to an account, as it is attached to your social via your bank account. What I'm trying to say is, contact the exchange. They can't deny you your funds if they actually left the account and don't return. They accept them, you will basically get them. If they claim they didn't get them, the wire failed, and you will get a fee of 15-30 bucks, depending on your bank/account. You will have to resend. This cost me 25% on the Etsy IPO, my banker cost me 3 weekdays after attributing the wire to the wrong account. Morgan Stanley handled the offering, I have mean, choice words about them too, but I will keep them to myself.

Talk to your banker tomorrow, see if it provisioned. Since it's instantaneous, it probably did, contact the exchange as well.

I used to work at CEX Smiley

This was extremely helpful. Thank you very much!
squatz1
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May 31, 2017, 03:16:55 AM
 #5

Yeah, Gemini or your bank should be able to reverse the transaction with EASE that's the thing about using normal currencies which is a blessing and a demonic thing at certain points as people can reverse transactions when it comes to normal currency but if a simple mistake is made you're not losing tons of money over it.

So, don't fear dude you'll get your money back but just make sure to contact Gemini and you'll be on your way soon. If they don't answer or are ignoring you, just go to the Bitcoin section of reddit (NOT BTC) and simply complain until one of the people on their support team just succumbs.

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Bcjohnson1906
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June 01, 2017, 02:12:11 AM
 #6

Both of you have been very helpful.

Just an update on the situation.

The customer support team contacted me last night (an hour after I had got into contact with them, which impressed me at the time) and stated they had received my funds from my bank account ending in ***2 however the bank account you have registered to your Gemini account ends in ***3. They then asked to clarify the difference in accounts and asked if my bank was using an intermediary bank that uses a reference number (whatever that means) or I'll have my funds returned to my account. I got in touch with my bank and discovered they do not use an intermediary bank, which I then emailed back informing Gemini. An hour later I received a $20 credit funded to my Gemini account and have heard nothing back from them since. I have emailed them several times since asking them to verify the status of my money.

Now what's strange about the situation is that I have wired money into my Gemini account before at a much lower amount so I have no clue why this support rep would tell me my bank account ends in ***3 when it worked just fine before. I am trying to stay patient but it worries that they were so quick at first, gave me a $20 credit, and have been MIA over 24 hours.
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