Congratulations again to
Freedom Title in Villages, FL – a Top 10 Alliant National agent in Florida. We
honored their amazing team during an awards presentation at a celebratory
dinner.
Lisa Yates, Annie Hampton,
Dea Hubner, Chris Pedersen, Debra Coffie, Brenda Cannon and Lindsay Harrison
were there representing Alliant National, with Tiffany Henderson and her staff
at Freedom Title. We had a great time!
Congratulations again to La Maison Title in Tampa and St. Petersburg – a Top 10 Alliant National agent in Florida. We raised a glass in honor of their fabulous team during our celebratory dinner.
Lisa Yates, (Chris Yates – Lisa’s son) and Donna More Esq. representing Alliant National, with Angi Comas and her staff at La Maison Title.
Alliant National Title Insurance Controller Gordon Hampton Retires.
Thank you for being an amazing example through the years. Your dedication and hard work are really inspiring. You will be missed, but enjoy your retirement!
However, we don’t have to wait until a federal law is passed that orders banks to match the payee name on the wire transfer payment to name on the payee’s destination bank account (“Beneficiary Bank”).
As title and escrow agents, we can be proactive and in partnership with the banks with which we do business.
So, what can we do right now?
First, we can know what our Agreement with our Escrow Account Bank says.
Does your Bank Agreement say that your bank will check the payee’s name with the name on the destination account when a wire fund transfer is initiated?
Or, does it say your bank need only rely upon the account number it was provided in the wiring instructions order? The answers to these questions might lead to an opportunity to have a discussion with your partnering Receiving Bank.
We can also send the wire instructions on the payment order, with explicit directions that acceptance be restricted to match the designated payee’s name on the Beneficiary Bank account. If it doesn’t match, then do not send the funds.
Lastly, if something does go wrong despite our best efforts and precautions, then notify both the Beneficiary Bank and the Receiving Bank as soon as possible. Typically, banks require notification of an unauthorized transfer or error within a defined time period such as, for example, thirty or sixty days.
Aside from any contractual or legal requirement for early notification, the sooner the problem is communicated, the greater the odds of the bank being able to halt or pull back the wire funds transfer.
This blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on this blog.
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