Wire Transfer Agreement Information For Deposit Accounts


Wire Transfer Agreement Information For Deposit Accounts


As part of an ongoing effort between SEI and The Bancorp Bank to provide you with the highest level of security for your clients’ assets, as well as to stay current with constantly evolving regulations, The Bancorp Bank will be utilizing new Wire Transfer Agreements for all SEI Cash Access account holders.  The new agreements will no longer allow for a financial advisor to be authorized to send a wire on behalf of their client.  The new agreement will also require that a Caller ID and PIN number be assigned for each person who is an authorized representative to send wires.

New wire transfer agreements and any attached Schedules need to be on file for 48 hours before wire transfers may begin.

Please call our Financial Professional Help Line at 866.792.5410 for more information.

Wire Transfer Agreement
 

Wire Agreement FAQs for Deposit Accounts

  1. Do we have to have a wire agreement on file?
    1. Personal account: must have wire agreement on file only if they’d like a 3rd party to be able to send wires on their behalf or if they would like the ability to send wires via telephone request.
    2. Trust account: must have a wire agreement if the trustees or a 3rd party would like to send wire transfers.
    3. Entity account: must have a wire agreement if the business representatives or a 3rd party would like to send wire transfers.
  2. Are we able to send wires to and from the linked SEI deposit account?
    1. The easiest way to move money between the CAA and SEI is a Manual Transfer Request Form found here. This form will initiate a transfer to/from the linked SEI account the next business morning. Manual Transfers may also be submitted online under the Funds Transfer tab at the end client website: www.SEICashAccess.com.
      1. If sending money from SEI to the CAA and it is currently invested (not cash available) then you’d want to initiate this money movement using an SEI form to liquidate the funds first and then send them to Bancorp. The manual transfers are for cash ready transfers only.
  3. What is a PIN and Caller ID?
    1. The PIN and Caller ID are additional security features that must be provided when verifying a telephone initiated wire.
  4. Why is it necessary to verify a wire request?
    1. The verifying callback is a security feature and also a quality control step in the process to ensure the wire will be sent error free.