Wire Fate Item

DEFINITION of 'Wire Fate Item'

An archaic term that refers to a request made by a bank when it sends a check or draft for encashment to a bank in a different jurisdiction, for prompt advice or notification of payment or non-payment. It is usually transmitted by bank wire or federal wire, which are high-speed electronic communication networks used for transmitting information on transfers of large dollar amounts and other extremely time-sensitive information.

BREAKING DOWN 'Wire Fate Item'

"Wire fate" acknowledgments are of critical importance, since notification of non-payment of a check needs to be made to the payee as soon as possible. The term "wire" has carried over from previous generations when most time-sensitive information was transmitted by telegraph, but seems increasingly archaic in the current era of instant communication.

RELATED TERMS
  1. Bank Wire

    An electronic message system allowing major banks to communicate ...
  2. Wire House

    An archaic term used to describe a broker-dealer. Modern-day ...
  3. Wire Transfer

    An electronic transfer of funds across a network administered ...
  4. Wire Room

    A financial institution's funds transfer operation, or its operating ...
  5. Wire House Broker

    A non-independent broker working for a wire house firm, or a ...
  6. High-Speed Data Feed

    A data stream that transmits information at a faster pace than ...
Related Articles
  1. Savings

    Best Ways to Send Large Sums of Money Abroad

    Understand why it may be difficult to send large sums of money internationally. Learn about the top five ways to send large sums of money abroad.
  2. Personal Finance

    What's a Bank Draft?

    A bank draft is a type of check. The bank guarantees payment, making it a more attractive option for the check recipient.
  3. Savings

    Review: Discover Checking Account

    Will having a Discover checking account save you money? It will save you fees.
  4. Professionals

    Option Order Tickets

    Prior to transmitting a customer’s option order, the representative must fill out the appropriate order ticket and present it to the trading department or wire room for execution. All order ...
  5. Investing

    Asset Manager Ethics: Acting Timely and Accurately

    The client-manager relationship is strengthened by a communication plan that is relevant, accurate and timely. Here's how to create a plan.
  6. Savings

    How To Open And Access An Offshore Bank Account

    You don't have to be a master criminal or billionaire to open an offshore bank account. This article will walk you through the process.
  7. Professionals

    Securities Act of 1933: RULE 135A

    Series 6, Section 8: Securities Act of 1933: RULE 135A. This section is regarding RULE 135A: Generic Advertising
  8. Professionals

    FINRA Conduct Rule 2210

    Series 6, Section 8: FINRA Conduct Rule 2210. In this section: Definitions, Approval and Record keeping , Filing Requirements, Review Procedures and Content Standards under the FINRA rule 221 ...
  9. Personal Finance

    The Pros And Cons Of Internet Banks

    Learn how internet banking services stack up against those of their brick-and-mortar peers.
  10. Savings

    Top 5 Reasons Banks Won't Cash Your Check

    Learn the top reasons that a bank won't cash your check, and find out what steps you can take to prevent those scenarios from happening.
RELATED FAQS
  1. How liquid are BlackRock mutual funds? (BLK)

    Discover if BlackRock mutual funds are liquid. Learn about the available payment options and how long it takes for a payment ... Read Answer >>
  2. How can I cancel a bank draft that I have purchased?

    Learn about what a bank draft is and how it works, the circumstances under which a bank draft may be cancelled, and what ... Read Answer >>
  3. Which stocks in the electronics sector pay the highest dividends?

    Learn about the factors you need to consider in order to receive high dividend yields before you starts investing your hard-earned ... Read Answer >>
  4. If during a period of rising prices, a LIFO liquidation occurs ...

    The correct answer is: b) Remember that LIFO transmits the latest prices of inventory over to cost. Therefore, what's left ... Read Answer >>
  5. What is the telecommunications sector?

    Learn about the telecommunications sector. This sector enables transmitting data whether it is words, voice, audio or video ... Read Answer >>
  6. What is the difference between a correspondent bank and intermediary bank?

    Read about the differences between intermediary banks and correspondent banks, why their role is necessary, and where the ... Read Answer >>
Hot Definitions
  1. Goodwill

    An account that can be found in the assets portion of a company's balance sheet. Goodwill can often arise when one company ...
  2. Return On Invested Capital - ROIC

    A calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. ...
  3. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  4. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  5. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  6. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
Trading Center