Foreign Funds

Chicago Title cannot accept checks (personal, cashier’s or teller checks) drawn from a foreign bank, even if the check is written in US Dollars, for three main reasons:

     1. The check will have to be sent to a “presentment bank” (aBank Clearing House Association, the Federal Reserve's check collection system, or by direct presentment to the paying bank).The presentment bank deducts fees of between $50 and $100 for performing this service, which are deducted before transmitting the money back to our trust bank.

     2. An NSF or counterfeit item will typically take 30 days before it is returned by the issuing bank. That is, if it is returned at all!

     3. The industry has reported hundreds of fraudulent transactions involving buyers who are remitting their funds via check and drawn from out-of-country banks.

The solution? Send funds via wire transfer. By doing this the funds will be in US dollars, the funds are good immediately and no additional fees will be deducted from our incoming wire amount.