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I am planning to setup an account to keep my housing down payment. My question. I use Ally bank for my checking and savings due to the interest rates. However, they dont have brick and mortar branches.
Is there any downside to not using a bank that has brick and mortar branches?
I've had a couple of clients use Ally and they hated it for the home buying process. I don't have them, but from what both my clients told me, it took days to initiate the wire transfer for closing. Usually, in my area, you get the final number right before closing. With the new laws, you will know the number 3 days before closing, but is that still enough to get the wire from Ally? You need to ask them...
We literally got our final number an hour before closing. Luckily our CU was on the way. You might want to consider opening an account at a local credit union or bank so you have easy access to getting a cashiers check the same day.
Yea that is my worry. I have done wire transfers and those i can get out same day if done by 3pm i believe. But if i need a cashiers check same day then i wouldnt be able to do that.
I use Ally and I also had to transfer money from there for closing. I think it did take 3 days to transfer it, but I knew a roundabout amount about a week out. Just transfer a little more than what you think you will need. A competent agent/title agency will get you very very close a week out.
You can get a cashier's check for an approximate amount and then pay the difference with a personal check. That is usually not a problem for a few hundred dollars.
You can get a cashier's check for an approximate amount and then pay the difference with a personal check. That is usually not a problem for a few hundred dollars.
Many title companies/closing agents will no longer accept a cashier's check.
I use Ally and I also had to transfer money from there for closing. I think it did take 3 days to transfer it, but I knew a roundabout amount about a week out. Just transfer a little more than what you think you will need. A competent agent/title agency will get you very very close a week out.
Right!
Our closings frequently include the closing attorney cutting a check at the table to refund an overage to a client.
More and more local attorneys are only accepting wires due to fraudulent "certified" checks.
A newer scam is a hacker spoofing a closing attorney and emailing a consumer fraudulent wire instructions and money never showing up at the closing attorney.
Anyone getting "revised" wiring instructions, should immediately call the closing attorney or title company and confirm the revision.
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