Author Topic: Wire transfer vs check for large payments  (Read 1099 times)

ObviouslyNotAGolfer

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Wire transfer vs check for large payments
« on: November 01, 2021, 08:49:06 PM »
I just sold my parents' house (both died this year) and we are finishing up with the escrow business.   Our realtor is driving over here sometime this week to give me the remaining papers to sign and to exchange a few items. She said the escrow company would pay me by check or wire transfer. Which would you prefer (if you were me--not giving you my money! ;-) ?

With wire transfer, I believe the funds hit the recipient account immediately, but I am not happy having my account number out there and I worry that something will get screwed up and it'll go to the wrong account/person. I realize this would eventually (likely!) get cleared up, but I'm in no mood for yet another hassle!

With check, my credit union places a 10-business-day hold on amounts larger than 10K and I don't like waiting. Checks can also get lost in transit, etc.

It seems like 6 in one, half-dozen in the other. Any thoughts on why I should prefer one method over the other? Thanks.



« Last Edit: November 01, 2021, 08:54:00 PM by ObviouslyNotAGolfer »

FINate

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Re: Wire transfer vs check for large payments
« Reply #1 on: November 01, 2021, 10:13:37 PM »
Wire transfer. Triple verify the routing/ACH and account number. The title company should also ask for the name on the account and the name/address of the bank, which they cross check before initiating transfer.

By definition the title company is a trusted third party, so you needn't worry about your account number being "out there" any more than it being known by your bank.

A paper check can get lost/misplaced. And the teller processing a physical check can make an error that must be corrected later, so it's not any better than a wire transfer in that respect.

ObviouslyNotAGolfer

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Re: Wire transfer vs check for large payments
« Reply #2 on: November 01, 2021, 10:36:56 PM »
Thanks. I have a slight touch of OCD, so it's more like, octuple check!

iluvzbeach

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Re: Wire transfer vs check for large payments
« Reply #3 on: November 01, 2021, 10:44:32 PM »
Definitely wire transfer. Near immediate credit and you don’t have to deal with any holds.

Sibley

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Re: Wire transfer vs check for large payments
« Reply #4 on: November 02, 2021, 02:00:08 PM »
Wire transfer.

JLee

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Re: Wire transfer vs check for large payments
« Reply #5 on: November 02, 2021, 02:09:52 PM »
Wire transfer and don't do anything through email or through inbound phone calls.  If anything is ever in question, call the title company directly yourself via their public listed number.

RyanAtTanagra

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Re: Wire transfer vs check for large payments
« Reply #6 on: November 03, 2021, 03:24:01 PM »
I am not happy having my account number out there

I've never understood this concern.  Everyone you write a check to has your account and routing number.  Before everyone had a CC, people wrote checks A LOT and handed them to every kid behind a register.

Fomerly known as something

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Re: Wire transfer vs check for large payments
« Reply #7 on: November 03, 2021, 11:33:13 PM »
Wire transfer and don't do anything through email or through inbound phone calls.  If anything is ever in question, call the title company directly yourself via their public listed number.

Oh yeah.  I was required to send my rental deposit, first/last month and pet deposit via wire.  The instructions came via e-mail.  I verified with a known number before I began the transfer process.  I will say my bank seemed to have some sort of good AI verification in place.