Depositing Funds Into Escrow

Dear Monica: What are the ways one can deposit money into escrow? It seems there are several transfer types available. Francis B.

Dear Francis: There are more ways to transfer money now than ever before.  But escrow companies adhere to strict legal rules and only accept money in certain ways. Cash, credit card, and ACH transfers are not accepted. Cashier’s Checks take at least 24 hours to clear. Personal checks and mobile check deposits are fine for an initial deposit but take 10 business days to clear.  

The best way to deposit funds is by a wire transfer, which is available as soon as received. Wire fraud can be an issue so follow the title company’s instructions.

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