Good Funds in Washington
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
The deposits shall be in one of the following forms: (a) Cash; (b) Interbank electronic transfers such that the funds are unconditionally received by the escrow agent or the agent's depository; (c) Checks, negotiable orders of withdrawal, money orders, cashier's checks, and certified checks that are payable in Washington state and drawn on financial institutions located in Washington state; (d) Checks, negotiable orders of withdrawal, money orders, and any other item that has been finally paid before any disbursement; or (e) Any depository check, including any cashier's check, certified check, or teller's check, which is governed by the provisions of the federal expedited funds availability act, 12 U.S.C. Sec. 4001 et seq. RCW 18.44.400(3).
Requirements
An escrow agent shall not make disbursements on any escrow account without first receiving deposits directly relating to the account in amounts at least equal to the disbursements. An escrow agent shall not make disbursements until the next business day after the business day on which the funds are deposited unless the deposit is made in cash, by interbank electronic transfer, or in a form that permits conversion of the deposit to cash on the same day the deposit is made. RCW 18.44.400(3).
Exceptions to Requirements
N/A
