Effective tomorrow, July 1st, any funds brought to closing in the excess of $10,000 must be in the form of a wire. The Good Funds Bill, House Bill 1374, has been signed into effect by the Governor. The new law affects all title companies in Indiana and cannot be deviated from under any circumstance.
When scheduling a closing, keep in mind that wire transfers are not immediate. A wire transfer requires time to be recognized by the receiving bank. While some wires post immediately, many can take 4 hours or even longer from the time sent until the time received by the intended party. Many banks have early afternoon cut offs for processing both outgoing and incoming wire transfers. This could result in some wire transfers not being completed until the following day.