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#2263010 - 11/30/21 07:37 PM Payoff Funds
terpsfan Offline
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Joined: Feb 2007
Posts: 2,084
Would there be any concerns with requiring payoff funds to be sent by cashiers check or wire when over a certain dollar threshold? We would specify this in our payoff letter and funds received otherwise may not be accepted. This would be on our SBA loans and it is due to having to send funds to the FTA immediately upon receipt?

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Lending Compliance
#2263013 - 11/30/21 08:00 PM Re: Payoff Funds terpsfan
Andy_Z Offline
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Are you saying you would refuse cash if offered? I don't have a cite, but I don't believe you can refuse legal tender. Also, see if your loan contracts addresses the method of payment.
Last edited by Andy_Z; 11/30/21 08:01 PM.
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#2263040 - 12/01/21 12:09 PM Re: Payoff Funds terpsfan
terpsfan Offline
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Joined: Feb 2007
Posts: 2,084
No we would accept cash we would just want to not accept personal checks.

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