INCOMING FUNDS

What is our policy on incoming funds?

Pursuant to the Illinois Good Funds Legislation and our bank’s policy we will not be allowed to disburse funds at closing unless the aggregate funds from a single party (buyer, lender, broker, etc.) are received according to the policies below:

If $50,000 or greater are:
1.) Wired funds
2.) Checks issued by the United States, the State of Illinois or a subdivision of either
3.) A check drawn on the fiduciary account of a title insurance company or title insurance agent with prior approval of Ford County Abstract Company
4.) Funds which have been deposited and credited (cleared) the trust account of Ford County Abstract Company

If less than $50,000 are:
1.) Any funds identified above
2.) Cashier’s checks, certified checks, bank money orders, and official bank checks
3.) Lawful United States currency
4.) A check drawn on the trust account of a licensed attorney or licensed real estate broker