Bank Check VS Wiring

GoingSince1990

DIS Veteran
Joined
Oct 31, 2018
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.
This is exactly why I tend to advise people to go "old school" and use a check. Wiring works great but you have to be very careful to avoid the notorious "man in the middle" wire instructions scam. There are criminal hacking gangs all over the world who will attempt to trick you into wiring money to them, but they will not be able to intercept a bank check sent by FedEx.
 

Theta

DIS Veteran
Joined
Dec 30, 2007
Also the “free” fedex label was actually a $50 postage line item on my Title’s closing documents.

I wondered about this. I couldn't imagine the title office would eat this cost. Thanks for letting us know this this is another charge. So the "free" fedex label and the cost of the certified check would be approaching and extra $100.
 

momtwoboys

DIS Veteran
Joined
Dec 9, 2007
I wondered about this. I couldn't imagine the title office would eat this cost. Thanks for letting us know this this is another charge. So the "free" fedex label and the cost of the certified check would be approaching and extra $100.
our bank check is $3.00, will find out how much the label is. We already have the amount for the bank check and got the label after so will they charge me after the fact??
 

momtwoboys

DIS Veteran
Joined
Dec 9, 2007
It was probably rolled into the administrative costs from the beginning.
maybe?! I looked over the paperwork where the numbers were and didnt see a label fee, so who knows! Got our bank check and was not charged for it, put check in envelope with the Fedwx label we printed and its all mailed out! Hope we close soon!
 

808blessing

👑 of 🏰
Joined
Dec 5, 2020
Yes, don’t worry about it. I think they roll it into the costs anyway because I don’t think I could have taken it off if I tried but maybe someone who wires can ask and remove. Mine was with First American out of Hawaii. I was a brand new buyer and caught it at the very end.
 

kalpesh725

Earning My Ears
Joined
Jun 4, 2021
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.
I'm about to buy direct but the guide said we can only put 10% and closing costs on credit card. Rest has to be through bank check or wire. Any other tips?
 

LYSE

DIS Veteran
Joined
Mar 5, 2017
I'm about to buy direct but the guide said we can only put 10% and closing costs on credit card. Rest has to be through bank check or wire. Any other tips?
Really?? Not too surprised I guess..they must be cracking down expenses like credit card fees, my guide had originally allowed me to charge almost 40k to my amex.

Maybe ask nicely and request a longer closing period if they need cash, that might allow a higher up to approve the credit card charge so they can get the money sooner.
 

kalpesh725

Earning My Ears
Joined
Jun 4, 2021
Really?? Not too surprised I guess..they must be cracking down expenses like credit card fees, my guide had originally allowed me to charge almost 40k to my amex.

Maybe ask nicely and request a longer closing period if they need cash, that might allow a higher up to approve the credit card charge so they can get the money sooner.
I asked the agent and he said it must have just been a misunderstanding. I can do whole amount on credit cards. Phew! Saved me from making a huge points mistake.
 

BayGirl22

DIS Veteran
Joined
Apr 23, 2012
We wired through our bank's portal and the funds were available to the title company the next day. There was a $25 fee but it was very easy. Our wire info was included in the DocuSign paperwork. I don't even have a in person bank so that was much easier.

For direct I charged the entire amount to a credit card back in March. The guide broke it into two payments to make sure it didn't flag a fraud warning, but she was very flexible with that. Not sure why they would not let you charge, they even encourage it with the Disney Visa.
 

E2ME2

ET
Joined
Oct 17, 2011
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?
I've closed on 3 resales, and used a bank check every time. My bank doesn't charge me for the check
(a grandfathered-in perk), and FEDEX was less than the cost of a wire transfer.
All 3 times went off without a hitch! :thumbsup2
 

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