Wire money from savings to closing by contacting your bank, providing the title company's wire instructions, and authorizing the transfer—usually completed within one business day
Your bank will send the funds directly to the title company or escrow agent handling your real estate closing. You need three things: your savings account, the wire instructions from the title company (routing number, account number, and wire reference), and authorization to move the money. Most banks complete residential real estate wires within one business day, though some take longer depending on the time you initiate the transfer and your bank's processing schedule.
The title company or real estate attorney will send you wire instructions before closing day—usually 24 to 48 hours ahead. Do not wire money based on instructions you find in an email that claims to be from the title company unless you have called them directly to confirm the account details. Wire fraud targeting real estate closings is common, and once money leaves your bank, recovery is difficult.
Key Takeaways
- Call your bank and ask to initiate a wire transfer from your savings account; have the title company's wire instructions ready, including routing number and account number.
- Verify the wire instructions by calling the title company directly at the phone number on your closing disclosure or purchase agreement, not a number in an email.
- Wire transfers from savings accounts typically clear within one business day, but initiate the transfer at least one day before your scheduled closing to account for delays.
- Once a wire is sent, the money cannot be recalled or stopped; if you suspect fraud, contact your bank immediately and file a report with the FBI's Internet Crime Complaint Center.
- Some banks charge wire transfer fees ranging from $15 to $50; ask your bank about the cost before authorizing the transfer.
Verify the wire instructions before you send anything
The title company or closing attorney will provide wire instructions in writing, usually by email or in a closing disclosure document. These instructions include a routing number (a nine-digit code identifying the bank), an account number, and often a wire reference or closing number. Before you contact your bank, call the title company directly using the phone number on your purchase agreement or closing disclosure—not a number in the email—and read the wire instructions back to them word for word. Ask them to confirm each number.
This step prevents you from wiring money to a fraudulent account. Scammers intercept closing emails and replace the legitimate wire instructions with their own. Your bank cannot verify the destination account, so once the money leaves your account, it is gone. The title company can tell you immediately if the instructions you are reading match their records.
Contact your bank and initiate the wire transfer
Call your bank's wire transfer department or visit a branch in person. Have the verified wire instructions in front of you. Tell the bank representative you want to wire funds from your savings account to your title company or escrow agent for a real estate closing. Provide the routing number, account number, wire reference, and the dollar amount you are sending.
The bank will ask you to confirm the amount and may ask why you are sending the money (real estate closing is a standard answer). Some banks require you to sign a wire authorization form in person or online before processing the transfer. Ask the representative for a confirmation number and the expected delivery date. Write down both. If your bank charges a wire fee, ask the amount now so you know the total cost.
Timing: when to send the wire before closing
Send the wire at least one business day before your scheduled closing date. If your closing is on a Friday, send the wire on Wednesday or Thursday. If it is on a Monday, send it on Friday of the previous week. Wires initiated after 2 p.m. or 3 p.m. (the cutoff varies by bank) may not process until the next business day, and some banks take longer than 24 hours.
Do not wait until closing day morning to send the wire. If the transfer is delayed or your bank encounters a problem, you will not have time to resolve it before closing. The title company needs to see the funds in their account before the closing can proceed. Call the title company the morning of closing to confirm they have received the wire; if they have not, contact your bank immediately to trace the transfer.
What happens if the wire does not arrive on time
If the funds do not appear in the title company's account by closing time, the closing will be delayed. Contact your bank and ask them to trace the wire using the confirmation number you received. Provide the routing number, account number, and dollar amount. The bank can tell you whether the wire was sent, whether it was received by the destination bank, and whether it is still in transit.
If the wire was sent but not received, the destination bank may hold it for verification or it may have been rejected due to a mismatch in account information. This process can take 24 to 48 hours. In the meantime, ask the title company if they can delay closing by one day or if you can wire a partial amount to cover the most critical costs while the full amount clears. Some title companies will proceed with closing if they have received a wire confirmation from your bank, even if the funds have not yet settled in their account.
Wire fraud and what to do if you suspect a scam
If you realize you wired money to the wrong account or to a fraudulent wire instruction, contact your bank immediately. Tell them you believe the wire was sent to a fraudulent account and ask them to attempt a recall. Banks can only recall wires that have not yet been received by the destination bank, which is rare. If the destination bank has already received and accepted the funds, a recall is unlikely to succeed.
File a report with your bank's fraud department and the FBI's Internet Crime Complaint Center (IC3) at ic3.gov. Provide the wire confirmation number, the date and time the wire was sent, the destination routing and account numbers, and the dollar amount. Include copies of any emails or documents that led you to send the wire. Law enforcement can investigate and may recover funds if the account is traced to an organized fraud ring, but recovery is not may provide and can take months.
Wire transfer fees and cost
Most banks charge a fee to send a domestic wire transfer. Fees typically range from $15 to $50, depending on your bank and account type. Some banks waive wire fees for customers with premium checking or savings accounts, or for customers who maintain a minimum balance. Ask your bank about the fee before you authorize the transfer, and factor it into your closing cost estimate.
If you are sending a large wire to cover closing costs, the fee is usually small relative to the total amount. However, if you are sending multiple wires or if your bank charges on the higher end, the cost adds up. Some customers choose to bring a cashier's check instead of wiring, which may cost less or nothing, though the title company must receive it before closing and you lose the speed of a wire transfer.
Frequently Asked Questions
Can I wire money from a joint savings account?
Yes, as long as you are an authorized signer on the account. The bank will ask you to confirm you have authority to move the funds. If the account requires both signers to approve large transfers, you may need the other account holder present or to provide written authorization.
What if my bank will not send the wire to the title company account?
Banks rarely refuse domestic wires to legitimate businesses, but if yours does, ask why. Some banks flag wires to new accounts or large amounts as a fraud precaution. Provide the title company's business license or EIN if the bank asks for verification. If your bank still refuses, contact the title company and ask if they can receive funds by ACH transfer or cashier's check instead.
Can I wire money from a savings account at a different bank than my checking account?
Yes. Call the bank where your savings account is held and provide the wire instructions. The process is the same whether the savings account is at your primary bank or a different institution. You will need access to that account to authorize the wire.
How do I know if the wire arrived at the title company?
Call the title company the morning of closing and ask if they have received your wire. Provide your name and the closing reference number. They can tell you whether the funds are in their account. Do not assume the wire arrived just because your bank sent it; always confirm with the receiving party.
What if I wire too much money by mistake?
Contact your bank and the title company immediately. If the wire has not yet been received, your bank may be able to recall it. If it has been received, the title company can return the overage to you after closing, usually within a few business days. Provide written instructions for where you want the excess funds sent.