Should We Do a Wire Transfer or Deposit a Cashiers Check to Close?
Should We Do a Wire Transfer or Deposit a Cashier’s Check to Close?A reader asks: “We are closing the sale on our first home next week. The title company says we must provide certified funds to close. They said we could either bring a cashier’s check to closing or we could do a wire transfer. I don’t have time to go the bank to get a cashier’s check, but my wife says if we wire funds, the money might not get to the title company in time. Should we do a wire transfer or deposit a cashier’s check to close?”– Nervous Home BuyersAnswer: Excellent question, Nervous Home Buyers. Let’s address two popular myths about cashier’s checks and wire transfers. The first is that a cashier’s check can’t bounce. Cashier’s checks can be altered by crooks or reversed by the account holder. The second is that wire transfers are instantaneous. Wire transfers take time. How Do Cashier’s Checks Work? An account holder goes to the bank in person, provides identification and requests a cashier’s check from th
