Many lawyers are hesitant to receive wire transfers from unknown parties, such as a new client or a third party payer on the client’s behalf. Why? Because once these parties have your banking information in hand, they can readily steal your money. Funds can’t be wired to your business or IOLTA accounts unless you disclose your account number(s), routing number(s), and the bank with whom you do business. Many lawyers don’t want clients or third party payers to have this information, even if the purpose is completely legitimate.
So how can you receive a wire without exposing your personal banking information?
As we learned at our CLE, “Protecting Your Firm and Your Client from Scams, Fraud, and Financial Loss” banks can shield your personal information by assigning your accounts a unique payment identification code. When receiving a wire or electronic payment, simply provide the payer with the unique code in lieu of your bank account number. Wells Fargo refers to this service as Perfect Receivables.
If you want to accept wire transfers and electronic payments without exposing your personal banking information, talk to your banker today. If you are an Oregon lawyer and did not attend our CLE, “Protecting Your Firm and Your Client from Scams, Fraud, and Financial Loss” consider ordering the FREE program from our Web site > Programs on CD/DVD.
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