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So a couple weeks ago when I had to put my Earnest Money Deposit down, I asked my realtor if I needed to get a cashiers check. She said a regular check was fine, I gave one, it went through, no big deal. Silly me thought I could do the same on closing day. It's Friday, and I'm scheduled to close on Tuesday (still not clear to close btw, but thats when the date is set for). Also, Monday's a holiday so.... less time to make something work.
The problem is I use Ally Bank. It's not like I can just walk in last minute and get a cashiers check, and since I'm not clear to close yet, I don't even know the exact amount I'd need to order one from them and hopefully get it on time. What are my options when closing day rolls around? Can I buy a cashiers check from another bank when I don't have funds in that bank? I've NEVER needed one for anything before so sorry if these are stupid questions.
@chiefone4u wrote:
Ask your closing agent what your options are. Most will allow a wire transfer.
If you don't have the cash, I don't see you being able to get a cashier's check from a different bank (not to mention if you walk into a bank these days with $20k in cash its going to throw up a bunch of red flags every where).
It's 6:00 in the morning right now, I've just been panicking going through my options since like 4:00. I'll definitely ask my closing agent when it's a reasonable time to give him a call. I was thinking maybe call Ally and see if they would up my spending limit on my debit card for a day to the amount of the check, and then being able to "purchase" the check from my credit union with that debit card. Do you think that would be a possibility? I wish I would have thought about this earlier in the week, I would have transferred the money over to my local credit union, but being Friday and Monday being a holiday, it definitely wouldn't be enough time for the transfer to go through for Tuesday.
@itsxluigi wrote:
I wish I would have thought about this earlier in the week, I would have transferred the money over to my local credit union, but being Friday and Monday being a holiday, it definitely wouldn't be enough time for the transfer to go through for Tuesday.
Wire transfers (not ACH, actual wires) are generally same-day, as long as you place them before both the sending and receiving banks' daily cutoffs.
You'll probably pay a fee from $15 to $40 to send, and possibly also a similar fee to receive the wire, but you can easily make your deadline.
Just carefully verify the account number and routing number for the receiving account (the routing number for wires may not be the same as the routing number on your checks, verify with the bank).
You likely have an idea about how much money is needed to close your loan, right?
How much money was verified by your lender? Just get a Certified check today in an amount that's at least enough to cover your cash to close plus a little cushion as long as that isn't more than the bank has already verified in your accout.
FOr example, let's say it takes about $19k to close your loan and you had $22k in it when you submitted your most recent statement to the bank . The UW would've reviewed and approved that. Have your check drawn for $21k or even $22k but not a penny over $22k or that's an issue. (You should be able to ask your LO to confirm this is ok as well) At closing, the attorney provides you with "change" from your $22k check.
I also used Ally bank for my closing funds. I didn't know my closing amount or wiring details until the day of closing. I would call the closing agent and ask for final numbers and wiring instructions, I'd be shocked if they don't have the option to wire. I submitted my wire transfer online in Ally's online banking portal about 8:30 AM CST. I was scheduled to close at 2:30 PM CST. They confirmed by funds arrived in their bank about 1:30 PM.
So don't panic as you should be able to work this out, wire transfers are designed to be fast
@pgtackle2003 wrote:I also used Ally bank for my closing funds. I didn't know my closing amount or wiring details until the day of closing. I would call the closing agent and ask for final numbers and wiring instructions, I'd be shocked if they don't have the option to wire. I submitted my wire transfer online in Ally's online banking portal about 8:30 AM CST. I was scheduled to close at 2:30 PM CST. They confirmed by funds arrived in their bank about 1:30 PM.
So don't panic as you should be able to work this out, wire transfers are designed to be fast
That's definitely good to hear. I actually didn't get the clear to close until Saturday night, and the title company is closed today, so I probably won't be able to get final numbers + wiring instructions until tomorrow morning. I'm scheduled to close tomorrow at 10:00am, so I'm hoping that enoughs time to initiate/verify and have it go through tomorrow. I guess I'll find out where we stand in the morning, fingers crossed all goes well.