Almost $12K U.S. goes missing in cyberspace when wire transfer gets lost

Wiring funds using your bank is usually a safe thing to do and most transactions happen without any problems, but sometimes a wire transfer can be rejected or go missing and getting your money back is not always easy.

“I still haven't got my money returned to may account and I don’t know why,” said Adam Skoczylas, of Mississauga.

Skoczylas has a business helping people buy vehicles through online auctions.

"I make wires for vehicles that are purchased at auction in the United States for clients outside of North America,” said Skoczylas.

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Skoczylas had a client in Poland who wanted to buy a car through an auction website and Skoczylas helped broker the deal.

His client sent him $11,800 U.S., and Skoczylas used the Bank of Montreal to wire the funds to Wells Fargo, a bank in the U.S., but the money never showed up.

"The wire was rejected by the receiving bank they didn't say why” said Skoczylas.

Skoczylas said he was told the wired funds would be returned to his account within days, but after weeks of calling, he says the money has not been returned and it's causing his business major trouble.

"For me everyday is creating new problems. I’m about to get sued I’m about to lose my business. This is financial business where people trust me with money and if this gets out on the internet that I have lost $12,000 of my clients money I’m done,” said Skoczylas.

CTV News reached out to Bank of Montreal (BMO) on Skoczylas’s behalf and they agreed to look into his case. A BMO spokesperson then told us, “we are pleased to share that the matter has been resolved.”

Skoczylas said within days of contacting CTV News, the $11,800 U.S. was returned to his account.

"This is such a relief. I needed this money back to keep my business operating” said Skoczylas.

When sending a wire transfer,1.6673027

it is important to make sure all the financial information is correct. There are cases where transfers go missing or there sent to the wrong account and the funds are never returned.