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Payment made to the wrong vendor
June 13, 2024
Q. We made a payment on an invoice via ACH. A month later, we were made aware that the bank account we sent that payment to was the wrong vendor.
The question is, how long do you attempt to make recovery to the wrong vendor before you resend the payment to the right vendor, understanding that it wasn't the right vendor's fault that you didn't have the right banking information?
A.
(Answered by the IOFM Advisory Panel)
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If the transaction cleared with the wrong vendor, I would call and see…
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