Ohio's "Good Funds" statute has again been modified. The changes will become effective for all escrows/closings conducted on or after September 29, 2017.
Ohio Good Funds law is governed by ORC 3439.21.
Personal, business or cashier's checks (other than those drawn on a Real Estate Broker's Trust Account); money orders; and/or cash totaling $10,000 in aggregate, are considered "good funds". This change is an increase from the $1,000 that became effective April 6, 2017
Guardian Title and related companies official policy
As further assurance that funds deposited are fully available and ready for disbursement at the time of closing, Guardian Title escrow agents will only accept personal checks in the aggregate amount of $1,000 or less. Guardian Title will review and accept Cashierís Checks in the aggregate amount of $10,000 or less. All deposits in excess of $10,000 must be made by wire transfer to the Escrow Agentís IOTA account. ACH transfers will not be accepted.
It is important to note that wire transfer instructions provided by the Escrow Agent will not be amended in any form. Wire transfer instructions should always be verified by calling our office prior to closing to confirm the instructions provided by electronic means. Do not accept altered or revised wire instructions or instruct your lending institution to wire any funds without verification from your title company contact first.
We appreciate your cooperation and look forward to working with you,
Your Friends at Guardian Title & Guaranty Agency, Inc.