Wire Fate Item

Dictionary Says

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.
Investopedia Says

Investopedia explains '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.

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