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#1507828 - 02/10/11 12:52 AM Loan payoff check requirements
IslandBank Offline
Member
Joined: Mar 2006
Posts: 50
MA, US
Does anyone require loan payoffs be made by cashiers or certified checks or do you accept personal checks as well? Why or why not?

Thanks.

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Deposits and Payments
#1509411 - 02/11/11 09:44 PM Re: Loan payoff check requirements IslandBank
Whatup Offline
Gold Star
Joined: Feb 2003
Posts: 379
We accept personal checks with the stipulation that collateral will not be released until verification that the check is good

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#1509471 - 02/11/11 11:09 PM Re: Loan payoff check requirements Whatup
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
In some states there are prompt release laws that require the release of a vehicle title or a discharge of a mortgage within a fairly short time frame. In those cases, you'd want to be assured you've got good funds.
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#1515676 - 02/28/11 10:14 PM Re: Loan payoff check requirements John Burnett
IslandBank Offline
Member
Joined: Mar 2006
Posts: 50
MA, US
Thank you

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