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Old 28-07-2011, 19:50   #1
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Broker's Trust Fund Account . . .

Hi all,
I have a friend that is ready to purchase his boat in New York state. He was asking me to ask you guys if it was safe to transfer all of the money for the boat into the trust/escrow account so when he shows up to do the final deal, it would be quicker and easier to have the money local and ready??

Background is that the brokerage is very well respected and have been around for 60+ years. He was just curious if this is normal practice as he wants to show that he is ready and serious..

Any thoughts for me to relay?? Cheers all!!
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Old 28-07-2011, 19:56   #2
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Re: Broker's trust fund account...

Ummm I always though a cashiers check was adequate and preferred - through any bank. You can of course use a larger one like Chase, CitiBank, Bank of America.
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Old 28-07-2011, 19:57   #3
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Re: Broker's trust fund account...

is stupid to send money to a stranger no matter who it is.
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Old 28-07-2011, 19:57   #4
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Re: Broker's trust fund account...

yeah what zee zee said!

The 10% deposit in escrow is enuf!
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Old 29-07-2011, 01:54   #5
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Re: Broker's Trust Fund Account . . .

I have done it the way you said- transfer 100% of the money to the broker' escrow account before the seatrial. But I knew the broker personally and had no qualms.

A cashier's check isn't quite as good as a wire transfer. Many brokers will hold up funding until the cashier's check clears. I know, I worked for one and they did hold up funding.

A wire transfer costs about $30 and is as good as gold once it clears. If your bank has a branch near the broker then it is easy. If not then stop by your local branch and set it up in advance so that you can fax the wire instructions to someone at the branch who knows you and will process it.

David
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Old 29-07-2011, 02:29   #6
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Re: Broker's Trust Fund Account . . .

Thanks for everyone's input, I will relay or link this thread to my friend..
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Old 29-07-2011, 03:33   #7
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Re: Broker's trust fund account...

Quote:
Originally Posted by zeehag View Post
is stupid to send money to a stranger no matter who it is.
If can't trust a complete stranger on the internet - then who can you trust?
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