Wiring payoffs in lieu of cashier's checks

Posted By: Compliance504

Wiring payoffs in lieu of cashier's checks - 04/28/21 04:49 PM

Is there anything to be concerned with if we wire payoffs associated with a loan closing rather than issue cashier's checks....
mortgage payoffs, credit card payoffs, auto payoffs......
Posted By: rlcarey

Re: Wiring payoffs in lieu of cashier's checks - 04/28/21 07:19 PM

As long as you wire then to the correct person and place - not really. You need some controls on that however. There is a lot of wire fraud going on in that area.
Posted By: Compliance504

Re: Wiring payoffs in lieu of cashier's checks - 04/28/21 07:25 PM

Thanks so much, Randy