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Banking. Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office. Different wire transfer systems and operators provide a variety of options relative ...
Tom Cronkright, co-founder and executive chairman of real estate fraud protection company CertifID, said that while wire fraud is an overall pervasive issue across the country, it is particularly ...
Mortgage fraud. Mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase, or insure a loan secured by real property. Criminal offenses may be prosecuted in either federal or state court, and are typically charged under wire fraud, bank fraud ...
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer -based systems, without the direct intervention of bank staff. Funds transfers are the primary mechanism used by the business community for fast and ...
Closing (real estate) The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. [1] On the closing day, ownership of the property is transferred from the seller to the buyer. In most jurisdictions, ownership is officially ...
Certified funds are a form of payment that is guaranteed to clear or settle by a bank or other financial institution certifying the funds. [1][2] The term is most commonly used in North America in the context of real estate transactions. When making certain types of transactions, such as purchasing real property, motor vehicles and other items ...
Clearing House Interbank Payments System. The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value transactions. As of late 2024, it settles approximately 500,000 payments totaling US$1.8 trillion per day. [1] Together with the Federal Reserve Banks ' Fedwire Funds Service, CHIPS forms the ...
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009). [1] Transfers can only be initiated by the ...