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Vent: People still think a wire transfer is instant and it's costing them real money.
I saw a client in Chicago miss a $15,000 property closing last week because they sent the wire at 3 PM on a Friday, not grasping that after 2 PM it just sits until Monday, and now they're paying a $500 late fee.
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terry_lewis2121d agoTop Commenter
My cousin in Phoenix lost a house over a similar wire delay, just sat in a queue over the weekend.
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park.robin21d ago
Actually, that downtime is a needed safety feature. It gives everyone a clear audit trail and prevents panic moves. The real issue is making offers with zero buffer for normal delays.
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terry_lewis2121d agoTop Commenter
Yeah, it's crazy how the whole system just shuts down when the banks are closed. That money is in limbo, but the contract deadlines don't care. Makes you wonder why we still use a system that can just stop for days. My cousin's deal fell apart because the other buyer's funds moved faster on a Monday.
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