Modern Technology

Modern Technology

By Mary Fahey
 

I sold my house earlier this year.

My realtor warned me “Be careful to make sure your account number is correct on the wire transfer to your bank because hackers can reroute the proceeds check to their bank account.”

I immediately called the escrow company. “I will pick up my check at the close of escrow. Don’t wire it.”

When escrow closed, I picked up the check and took it to my bank.

“We can’t accept this check,” the clerk said. “It’s made out to your trust and your account here is not in your trust.”

I returned to the escrow company and requested a check made out to me not the trust.

“We can’t do that,” the officer said. “Your house was in the trust so we need to make the check out to the trust.”

I returned to the bank and asked them to put my checking account into the trust so I can deposit the check.

“Okay, bring in your original trust and we can do that.”

My trust paperwork lives in the safety deposit box at a different bank.  By the time I retrieve it, night has fallen and the banks closed. The following day I arrive at my bank and proceed with the transfer of my account into the trust and subsequent deposit of the proceeds check.

“How soon can I withdraw some of this money,” I ask.

“Oh, you have to wait ten days before you can withdraw funds.”

Are you kidding…it’s MY money!

When the ten days came, I went on line to transfer the money to an investment account I had opened at a different bank. I couldn’t do it. So I went to the bank and asked how I can transfer funds. Here’s the explanation I received: There is no way to transfer money on line to an outside bank, only to a different account at the same bank. I can wire money to another bank at a cost of eight dollars. An outside bank can request a money transfer at no cost.

So I took the round robin way to transfer funds to my investment.

A few days later, I received a notice in the mail that my Mortgage Co. enclosed a check to refund an overpayment. The check amounted to thirty one cents (0.31). The cost of the paper to print it on plus the envelope and stamp to mail it had greater value than the thirty one cents. Not to mention the personnel to process it. I guess the computer needed to balance the books.

A week later, I received a letter from a legal office that said I’ve been awarded money from a class action settlement against my Mortgage Co. They enclosed a check for $129.85. I added the check for thirty one cents to make a grand total of $130.16. Whoopee!