We have a business member who wants to authorize their payroll company to send drawdown requests through WireXchange every two weeks. We wanted to reach out and see how other financial institutions are handling these. A drawdown request is when another financial institution sends a wire message to us with the dollar amount & beneficiary information and then we send funds back from the member's account via wire using that same information. The member dropped off a form authorizing her payroll company to do this however, it will not be a set dollar amount every time. Should we still have the member sign a wire form each time we receive these? If anyone else is currently offering these types of wires for their members, please reach out. My direct email is katelyn.gripp@dugood.org.
Thanks!
