What is the verification of “good funds” or “secured funds”?
– When you buy an item at a store with a check or credit card, you are promising that the money is available in your account. The store doesn’t receive the money for another 3 to 7 days. Sending a check to Escrow.com works exactly the same way. To ensure payment, Escrow.com waits until the money is deposited into our trust account, which is then considered “good funds.” This takes longer, but gives buyers and sellers an extra level of security. Top – Are credit card transactions treated as cash advances or purchases? – Your credit card transactions are treated as purchases, thereby avoiding the typical cash advance fees assessed by most credit cards. Top – When is my credit card charged? – Before the seller sends the buyer any item, Escrow.com must have the purchase funds in its escrow trust account. Therefore, your credit card is charged the purchase amount plus any escrow fees you have agreed to pay immediately after you and the seller conclude the agreement phase of the transaction.
