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Loren
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How long does it take for a wire transfer to be cleared in

Resolved Question:

How long does it take for a wire transfer to be cleared in my account where I can draw on the funds? For example, if a company wires funds to my account when do the funds become clear and 100% available me where I can draw upon all of the wired amount?
Submitted: 11 months ago.
Category: Legal
Expert:  Loren replied 11 months ago.
Thank you for using JustAnswer. I am JudgeLaw and I will do whatever I can to answer your question and provide excellent service.

The transfer is available for withdrawal the same day as received. Some banks require that it be credited before 3:00 or it may not be available until the following day. Otherwise, it is virtually immediate.

I hope this is helpful. If you have more follow up questions please let me know. It is never a problem.

Thank you.

JudgeLaw

Customer: replied 11 months ago.

This is for a settlement agreement. Basically, I want once the funds of the wire transfer are cleared and I can draw upon them then the item in escrow will be transferred from my lawyer to other party. The other party has an issue of "when the funds are clear by my bank" and want the item in escrow transferred once the wire is sent. Again, I want once the wired funds are clear and can be drawn upon then the item in escrow will be transferred.


 


What do you advice and what type of language in the agreement do you think would be helpful?

Expert:  Loren replied 11 months ago.
You can say that once the funds "are fully credited to your account and available for withdrawal..."

It is not usually an issue with wire transfers since the funds are generally credited and available when received.

Thank you.

JudgeLaw
Customer: replied 11 months ago.

I am using chase.com for my bank.


 


Do you know if they have language on when a wire transfer is "fully credited to your account and available for withdrawal"


 


I am trying to be explicit here with the agreement and want to make sure it is "clear" before escrow transfer - I am asking you the expert because I have gotten different answers from people at the bank, hence trying to be explicit.

Expert:  Loren replied 11 months ago.
See the following link which shows Chase makes wired funds available the day of the transfer: https://www.chase.com/cm/crb/rfs/file/document/FundsAvailabilityLayout_RFS_Final.pdf

Thank you.

JudgeLaw
Customer: replied 11 months ago.

The link was invalid, please copy/paste again.

Expert:  Loren replied 11 months ago.
https://www.chase.com/cm/crb/rfs/file/document/FundsAvailabilityLayout_RFS_Final.pdf
Expert:  Loren replied 11 months ago.
Did that link work?
Loren, Attorney
Category: Legal
Satisfied Customers: 20309
Experience: 30 years experience representing clients.
Loren and 17 other Legal Specialists are ready to help you
Expert:  Loren replied 11 months ago.
Thank you for your positive rating of my service to you. Let me know if you need more help or have future questions. I will be here for you. Just ask for me by name at the start of your question - "JudgeLaw" or use the following link (which you can bookmark in your browser):  http://www.justanswer.com/law/expert-JudgeLaw/
          

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