Scott A. Nelson

I haven't heard of anything other than perhaps company policies on the transfer of large sums of money and the federal requirements to verify the ability to do business with certain blocked persons, enterprises etc. Large sums of money are a concern for any bank due to the importance of verifying the source of the funds & the time it takes. With counterfeiting so easy understandably anyone looking at an out of state check draws concern for it's validity. This is where the wiring of funds is more secure, documentable & researchable by federal & local authorities & parties to any transaction.

With any check drawn for escrow it could take up to 20 days for all the routing to verify & certify the funds to be transferred. If the source of the funds for some reason puts a hold on the funds it can cause a cascade of problems down the chain. That might be one reason why companies set up policies to operate by to make sure risk is reduced as much as possible and to make it as fair and equitable in accordance to local, state, federal laws and the interests of their clients. Escrow companies aren't as common here in Massachusetts but in the rest of the country I've found they're common and they are a business and need to reduce their risk and maximize their profit potential. Whenever you are dealing with large sums of money and different jurisdictions and laws you should absolutely consult with a qualified attorney to best advise you on your legal options , local customs and how to best protect your interests when it comes to contracts and local laws.
Hopet that helps, - Sat Nov 21 2009, 20:23