Bank Check VS Wiring

momtwoboys

DIS Veteran
Joined
Dec 9, 2007
years back when we first purchased the only option was to mail a bank check via Fedex, now we are about to send funds for the new contract we are buying and Wiring is an option. We have never wired money before and need to research cost and where you do this from. Any pros cons to either way? Our bank charges only $3.00 for a bank check but then the cost of fedex 2 day would be around $40.00? Any tips?
 

princesscinderella

DIS Veteran
Joined
May 27, 2011
We wired our money right through our online banking portal and it was $30 and super quick and easy, no trip to the bank or fed ex necessary. I called the title company to confirm the wire information and told them I was sending them and to please confirm receipt once it showed up on their end.
 

808blessing

👑 of 🏰
Joined
Dec 5, 2020
I did both ways the past few months. And both ways freaked me out! Lol.
With a Hawaii property, sellers or title usually takes long with tax forms so mailing probably won’t make a difference. I do not like the added expense of the writing and was paranoid if I got the details correct. But I wanted my points ASAP so I did it.
It took way more of my time to do the wire.
 

momtwoboys

DIS Veteran
Joined
Dec 9, 2007
I did both ways the past few months. And both ways freaked me out! Lol.
With a Hawaii property, sellers or title usually takes long with tax forms so mailing probably won’t make a difference. I do not like the added expense of the writing and was paranoid if I got the details correct. But I wanted my points ASAP so I did it.
It took way more of my time to do the wire.
That is our fear is messing something up! We never used that type of service before. We also just got a prepaid Fedex label so if we want to send it that way it will only cost us $3.00 bank fee and a trip to drop off at Fedex...hmmmm
 

808blessing

👑 of 🏰
Joined
Dec 5, 2020
I was paranoid with mailing/dropping it off because it literally sits on the floor of a local postal store with a bunch of other packages in front of the counter. Ok on the side but still accessible to customers as in “just leave the package there.” Not the most secure and I know the sole worker walks away from counter to back room on occasion. Lol I took a pic of my pkg on the floor. If I weren’t in a rush and you had a secure box I would just do fedex and save the time and some bucks.

With wiring, they asked me for the Title address and Bank address. That threw me off. I didn’t have one and didn’t trust the Internet. Lol. I’m super tech savvy with all the accounts but wiring money (for the first time) freaked me out!
 
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ldo

DIS Veteran
Joined
Apr 13, 2007
if you choose wiring--make sure to confirm account details via phone from telephone number listed in your closing documents. The title company/broker will NOT send you wiring info via email due to fraudulent hacking. Many have lost real estate deposits wiring funds. Our realtor told us of a couple last year. Major DVC brokers also have a warning about this. We'll probably just 2 day fedex our funds.
 

sndral

DIS Veteran
Joined
Feb 3, 2008
I’ve purchased 3 resale contracts through the years. I’ve wired the money each time. I go into my bank and sit down w/ one of the bankers and the info. supplied by the title company & they walk me through it. At my bank the routing number for wire transfers is different than the normal routing number. It cost $30 last time I did it & it was worth the peace of mind to me.
 

LYSE

DIS Veteran
Joined
Mar 5, 2017
Credit card(s) and get all the points that is if it's direct

Otherwise I would wire, can be done from a lot of banks apps under a certain amount Otherwise you go in and talk to a banker.
 

momtwoboys

DIS Veteran
Joined
Dec 9, 2007
Credit card(s) and get all the points that is if it's direct

Otherwise I would wire, can be done from a lot of banks apps under a certain amount Otherwise you go in and talk to a banker.
Thanks its a resale contract! We decided to use the Free Fedex label and pay the 3.00 for a bank check. The wiring would cost more and the fedex will get there fast. Good to know all these options though!!
 

RoseGold

DIS Veteran
Joined
Jan 21, 2020
Ive used three title companies and wire within a couple hours of sellers completing. CALL THE TITLE COMPANY and confirm the instructions.

I have two brokerage accounts that let me wire for free. I did it all on the phone, easy peasy. The big brokerage companies are used to wires like this for real estate or investments or whatever, they have a department to handle it. Much easier than your local bank.
 

Chrisdriscoll

Earning My Ears
DVC Gold
Joined
Oct 5, 2020
I got my closing documents yesterday. I chose the bank check. My bank doesn't charge for those and I have to FedEx the rest of the docs anyway. We have both a notary and a FedEx pickup here at the dealership so it is relatively painless for me to do it this way.
 

momtwoboys

DIS Veteran
Joined
Dec 9, 2007
I got my closing documents yesterday. I chose the bank check. My bank doesn't charge for those and I have to FedEx the rest of the docs anyway. We have both a notary and a FedEx pickup here at the dealership so it is relatively painless for me to do it this way.
thats great!! The contract we just sold we did do free notary through our credit union and then sent paperwork with the prepaid fedex label. This contract we are buying we thought we would have to pay the fedex return label but just got one from the Title company emailed to us! So we are doing the bank check (3.00) and the free return label! Should just there quick and then we can get this closed!!!
 

kandlsutton

Mouseketeer
Joined
May 22, 2019
we decided to use the Prepaid Fedex label and send the funds that way. Will go to bank in AM to get the Bank check and then right to Fedex to send it off. Thanks for everyones advice and experience!
Have done this with both resale contracts. Title company emails prepaid Fedex label. Cashiers check is made out to the title company at the bank. Put all closing documents and cashiers check in FedEx mailer and title company gets everything the next day.
 

momtwoboys

DIS Veteran
Joined
Dec 9, 2007
Have done this with both resale contracts. Title company emails prepaid Fedex label. Cashiers check is made out to the title company at the bank. Put all closing documents and cashiers check in FedEx mailer and title company gets everything the next day.
Thats what we will do with this purchase! We did it years ago when we bought our first resale but this time the option of wiring was suggested as first choice then mailing was next option. We just didnt know much about wiring and the label wasnt sent in our closing paperwork in the email. Once I asked about a label we got one and printed it so we will stick with that method tomorrow AM to get our BRV movin'!!
 

Theta

DIS Veteran
Joined
Dec 30, 2007
I was SOOOOO nervous to wire the funds. But it turned out fine. I did it right from my online bank account, BUT like others have said here, CALL YOUR Title Company AND CONFIRM routing numbers, don't trust the information you get on the email. I was so cautious, I didn't even trust the title company's phone number.

I independently confirmed the Closing company's phone number, called them and confirm the routing numbers I was given. NGL, I was super nervous, but it all work out and everything was accurate. Bank charged me $30 to wire the money.

That being said, if I were closer to my bank (I am about 90 minute drive away) I probably would have just sent a check.
 
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