Keys to Successful Wire Transfers

Keys to Successful Wire Transfers


Did you know that the wire transfer process is set up by the Federal Reserve and is consistent with every bank and every transaction? Most people assume that a wire transfer is a process similar to online banking transfer of funds. Unlike an electronic transfer between bank accounts, wire transfers are neither simple nor quick. Here are a few keys to remember when waiting for funds to be transferred:

• Expect wire transfers to take longer during peak times of the month. The Fed and any financial institution have the same amount of people handling these transactions every day of the month.
• Customers should contact their banking institution for the correct routing number for wire transfers. It is unlikely the same as the routing number printed on their personal check.
• Sending Wires: Once the title agent inputs information into the bank's wire transfer system, the transfer is out of the agent's control.
• Receiving Wires: Once the wire information is received by the title agent funds will be posted to the appropriate account. This is the only part of the wire transfer process that is in the title agent's control.

Click on the link below to view and print a
flow chart that outlines each step in the process.  

All readers are invited to share and distribute this information with their clients.

Our Accounting Department is available to assist you with questions or concerns regarding wire transfers for Capital Title transactions: 800-851-8329.