I got a call today from my local bank branch. They were informing me that the wire transfer that I had attempted to execute last week was being returned. *sigh* So, the results of my little adventure in wire transfers is:
- Event though wire transfers are supposed to be fast, they often seem not to be so.
- Wire transfers involve real money which is why they seem to be a PITA.
- In most cases a money order shipped overnight almost assuredly kicks the stuffing out of a wire transfer.
All of this is, of course, dependent on the amounts getting moved around and the level of security required for your chosen medium. For instance, a personal check requires little security
even when used in large amounts because it doesn’t represent real money until it transits back to your bank.
Cash, in small amounts, might not require security either. If you’re sending five bucks to Uncle Joe because you were silly enough to back the Indianapolis Colts over the weekend, loss isn’t a particularly costly occurrence. On the other hand, if you are sending $1000 to some blue-chip college basketball recruit you might want to get some insurance on that.
The real downer of this little debacle is that there is a very real tax liability on the money now and it can’t really go back where it was because they’ve become post-tax dollars. So, in the long run, I’m going to pay for this mistake several times over.
Tags: Chris Mills, Lessons Learned, Mens Basketball, Money, NCAA Violations, University of Kentucky, Wire Transfers
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