What happens when a wrong bank routing number is used?
I'm in the process of buying a new house and in order to fully cover the down payment, I needed to borrow funds from my retirement account. I started the loan process well in advance of my closing, but it takes a long time.
Last Tuesday, I got notice that the funds were sent from my retirement account to my checking account, which is at a different financial institution (Bank of America). I was kind of worried that I might have given them the wrong routing number for EFT, and my fears were confirmed when I learned that the routing number I gave them is Bank of America's wire transfer number, which is not the same as Bank of America's routing number used for EFT. That there is such a difference between a wire transfer and other kinds of transfers is new to me; I never have had enough money that this would have been something I'd have learned!
It's been a week now, and the funds have not reached my BoA checking account or been returned to my retirement account. They have disappeared into a black hole. I've been told that the bank will probably reject the transfer and return it to the source. Is that what usually happens? How long does this typically take?
I plan to go to the local branch of my bank tomorrow to appeal for help, but I'm sort of panicking right now because my closing is at the end of next week.