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Originally posted by mcrimm:

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Originally posted by GWbiker:

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Originally posted by mcrimm:
Wire transfers are fast.

But, again be careful. Wire transfers have been sent or intercepted to the wrong accounts, never to be seen again.

Advice given to me by my Escrow agent.

In 40+ years of banking and wife's 20+ years in escrow, I never heard of this happening.

CPA with 40+ years in and I've never heard of an intercepted wire transfer. I know of one client that gave the wrong routing number to a bank and was never able to recover the funds. Otherwise, I've never heard of a problem.


When I purchased real estate I received an instruction sheet from the title company that showed the routing info. I passed that sheet to my bank. If the bank screws up the input the bank is responsible. (The point - I'm not taking a chance of getting routing info over the phone and transposing numbers on what I send to my bank. I make someone give me the info.)

When I sold my property from my parents estate, I got something from the bank that showed the routing numbers and passed that to the escrow agent.

The scam is that people receive an email that looks just like the one from the title or escrow company. This is a phishing email. It states the account and routing numbers have changed please use these new ones.

So the person passing the new number to the bank who then correctly wires the money to the scammers account. They go into closing and the title company says where's the money?

Money is long gone and it is not the banks fault. They used the numbers you gave.

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Apparently it’s a new scam. Scammers find out you are closing a property, and they send you an email posing as the title company, with wire instructions. You wire the funds, and *poof*, your money is gone forever, wired overseas.

This happened to my wifes boss, buying a vacation home, received an official looking email had all the loan information company logo, he went through it, checked the numbers, the amounts were even correct.

This looked so legit he wired close to a million dollars to pay for the house, only it was a fake email so he was shocked when the closing company said they didn't get the money.

Lucky he followed up with them on the money after the transfer or it would have been gone.

It got through the servers at his work, through the safe guards, all the spam filters etc to his desk.

Short end of the story using every connection he had and the top bosses through the FBI they got all the money back less $30k took a bit of time but he was made whole...

So yes, that scam is very real, and very sophisticated, you have to be quite sure before clicking transfer...

Reading about some of the hold times posted here led me to look up the law regarding what a bank can and can’t do.
It appears that the max it can hold your check is 9 business days..

https://banks.org/how-long-can...hold-a-check-by-law/

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Originally posted by bigeinkcmo:
The best way I've found if you want the funds immediately on a cashier's check is to go directly to a branch of the bank that issued it. Not always convenient though.

I tried that once and they also wanted to hold it. I ended up going to the exact branch of the bank that issued it and got it cashed while I waited.

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Originally posted by mcrimm:
Wire transfers are fast.

I closed on the sell of a house and elected for the money to be wired into my account and it was done within seventy-one minutes of the meeting!

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Deposit Holds on Cashiers Checks

You think that is bad?
Got our $1200 stim check in and I signed it and the wife signed it.
The wife went to deposit it at her bank (yeah we have separate accounts, no big deal there) and HER bank WOULDN'T let her deposit it, cash it or otherwise.
Additionally, the manager there said I would have to come in with multiple ID's and ONLY then would they cash it but not let her deposit it!
WTF
She has been there many years ~ Capital Bank I think.
Took it to my bank (Wells Fargo) >>>> NO problem or question on the deposit.
Guess it worked out after all.