The bill modifies the types of funds available for immediate withdrawal in real estate transactions by:
Limiting wire transfer funds to only those transferred through a funds-transfer system operated by the Federal Reserve
Adding funds credited to an escrow account if the bank or financial institution confirms final settlement of the credited funds
Summary
The bill modifies the types of funds that are available for
immediate withdrawal as a matter of right in real estate transactions by:
•
Limiting wire transfer funds to only those funds that are wired through a funds-transfer system operated by the federal reserve; and
•
Adding funds credited to an escrow account if the bank or financial institution holding the account confirms that there has been final settlement of the credited funds.
