Ken Zak, Capital Title's Accounting Manager, has some tips for wiring funds.
# 1: Know who the money is going to
To wire money into an institution, a beneficiary needs to be named. Think of this as the Pay To The Order Of line on a check. It must be paid according to the HUD form; it can't be a third party.
# 2: Contact bank for wiring instructions
Do not rely on the routing number at the bottom of your check. Not all bank accounts accept wire transfers. An estimated 50% of returned wires are due to invalid ABA routing numbers.
Any other questions concerning wiring funds?
You may reach our Accounting Department at 800-851-8329.
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