news 3 weeks ago

Ready To Close On A Home? Be Sure To Check If Your Bank Offers This Key Feature

Wochit Postables
Traditional brick and mortar banks are notorious for offering absolutely pitiful interest rates for savings accounts. That's led to a boom in business for higher-yield online savings accounts. According to Business Insider, online bank accounts and their associated apps are generally convenient, secure, and hassle-free. However, be warned: Many online banks do not offer outgoing wire transfers. They may offer paper checks, but those can take days to arrive. So if you're about to close on a home, be sure to ask what your lender's requirements are for transferring your downpayment and closing costs. If they insist on a wire transfer, then give yourself time to transfer your money to a bank account that will do it for you.