Wire Tranfer Limits & Fidelity Bond Coverage

We are in the process of reassessing our fidelity bond coverage and wire transfer limits to ensure they are still appropriate.  Currently, our maximum, single-transaction limit for wire transfers is $15 million.  Our insurance coverage for fraudulent wire transfers is limited to $5 million.

I am interested in other credit unions’ limits:

• What is your maximum, single transaction limit for wire transfers?

• What is your insurance coverage for wire (funds) transfers?

Also, if you are using FedLine through the FRB, how have you setup your processing options?  Specifically, the following:

Verification

• Sight
• Key: $Amount
• None

Verifier

• Must be different than Enterer and Last Updater
• Must be different from Last Updater
• Can be same as Enterer and Updater(s)

Thanks for your help!

Dan Elston

Internal Audit Manager

BayPort Credit Union