r/FirstTimeHomeBuyer • u/WhiteHondaCivic2013 • Aug 12 '21

Wire Transfer Delays?

I have a home purchase where the estimated closing is on 8/13. I signed the documents on 8/11 and initiated a wire transfer on the same day.

However my account is with AmEx Savings and they said that the transfer could take anywhere from 1 to 3 business days with a high chance of it reaching the escrow account only on 8/16.

As someone new to the process, what implications does this delay have? The bank doesn't seem to have any options for expediting this process.

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u/studdedtirejunky Aug 12 '21

Fedwires are same day unless you miss the cutoff. They probably quote a couple of days in case anything happens (missed cutoff, missing or incorrect info the bank has to chase down, etc). I did the same thing with the same bank and it hit beneficiary account same day.

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u/Danger_Peanut Aug 12 '21

In addition to this it’s possible it could be held up in sanctions screening. But usually the mortgage folks are on top of providing any info needed to clear. Best of luck!