Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
- On the morning I was supposed to close on my first home, I found out that the online bank where I’d saved my down payment didn’t offer outgoing wire transfers.
- Because I didn’t have access to wires to transfer money instantly, I couldn’t get my cash to the title company that day, and it meant pushing back my closing.
- It turns out that my bank isn’t an outlier — many popular online banks don’t offer outgoing wire transfer services, which could be a big problem for home buyers.
- If you’re using an online bank to save for your down payment, plan ahead. Make sure you can make a wire transfer,