Tip 14-2014: New Wire Procedure May Delay Some Closings

Due to recent updates in wire transfer guidelines, several major banks will not allow a client to wire funds out of their account to their Settlement Attorney unless the client goes to a local branch in person.

A number of clients have bank accounts in institutions that are out of state, like US Bank or USAA. Subsequently, complications can arise if those clients attempt to have funds wired the day before or the day of closing. A closing could ultimately be delayed due to those unforeseeable obstacles.

Accordingly, the best practice to avoid this predicament is to have clients contact their banks early in the process. The clients can determine - well in advance - what is permissible in regards to wiring funds from their account, and a possible closing delay can be avoided!

 
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, VA
434-973-7474
www.TGBlaw.com