Michigan Investment Title recommends that all incoming funds be in the form of wires so that we can fund the closing on a same-day basis. We do understand that this may not always be possible.
Safe Escrow has held a series of consultations with the bank(s), and have determined certain changes to our wire and check policy must be made for the added security of everyone. As always, it is recommended that all incoming funds should be by wire transfer.
Some highlights of the revised check policy are:
- Personal checks in excess of $1,000 will not be accepted; Cashier’s checks over $15,000 will not be accepted.
- Personal checks up to $500 will be available on the 4th business day after deposit. Personal checks between $501 and $1,000 will be available on the 8th business day after deposit.
- Cashier’s checks up to $5,000 will typically be available the business day after deposit. Cashier’s checks between $5,001 and $15,000 will be available on the 11th business day from the date of deposit. While this may sound excessive, we have recently had 2 instances of Cashier’s checks being reversed from our account after 10 days.
We highly recommend that you work with your clients to reduce the dependence on checks. Certified Check Fraud is on the rise and we want to be proactive so none of our clients are negatively impacted by this fraud. Title Insurance Underwriters do not want title companies "floating" or commingling funds. If the certified check if fraudulent, then it will result in a very unnecessary claim that may not be covered. It would be such a shame if this easily avoidable claim happened to one of our clients.
We hope you understand and agree with being proactive for the best interest of our clients and everyone's protection.