Recently, a major bank unveiled an option for its clients. While in the past you had to visit a banking center to set up a major wire transfer, now the bank allows end users to send wires from the comfort of their own computers.
While this sounds like a fantastic innovation, it caused an unexpected delay in a recent transaction. The client, not realizing the banks process, set up a wire for their real estate closing on the morning of the closing. The wire did not arrive in time for the closing, and when the bank was contacted, they informed us that the default setting for personal wire transfers was three business days. This resulted in a Thursday closing being delayed until the following Wednesday.
Thankfully, all parties were able to delay the closing without inconvenience. However, Realtors should be aware that their clients may be given this option from their bank. It would be a prudent move for Realtors to ask their clients well before closing how they plan to transfer the money. Should their clients be planning a personal wire transfer, Realtors should advise the client to carefully review terms and deadlines. It is also advised that the wire be scheduled to arrive a day or two prior to closing.
While technology can be convenient, it can also cause major headaches. This new option for clients is likely to become very popular – Realtors need to be aware that the wires may be delayed if not set up correctly.