Card reader went down during a $340K closing in Austin last Tuesday

I was sitting at the title company with buyers ready to wire their down payment and the card reader at the coffee shop next door just died. No big deal right? Except the buyer panicked and tried to pay cash for the whole thing which meant we had to scramble for a cashier's check. The bank told us they couldn't issue one over $10K without 24 hours notice. We ended up delaying the closing by 2 days and the seller almost backed out. Has anyone else had a digital payment system fail at the worst possible moment?

3 comments

3 Comments

max_brown1mo ago

Man that whole "the bank told us they couldn't issue one over $10K without 24 hours notice" thing is exactly what got us a few years back. I had a closing where the buyer's bank app just locked up mid transfer, and we ended up having the title company accept a personal check from the buyer's parents with a signed note saying they'd cover it if it bounced. It was a mess but it worked because the seller's agent trusted us enough to push through the paperwork that same afternoon. Honestly, the best thing I ever did was keep a list of three local banks that do same day cashier's checks over $10K if you're a customer there. Saved my skin at least twice since then.

james_bell1mo ago

Yeah, that "bank said we need 24 hours" thing really gets me. I'm pretty sure I've got the same kind of list somewhere, but I keep losing it in my glove compartment which isn't helpful. One time I actually showed up to ask for a cashier's check and realized I had my old wallet with no ID in it. Just stood there looking at the teller like an idiot. It's always something, isn't it?

riverh491mo ago

You ever have one of those moments where you realize you've been doing something the hard way for no reason? I used to just show up at my bank and hope for the best, figuring it would work out eventually. But after the third time I had to reschedule a closing because the teller looked at me like I had two heads asking for a large cashier's check on the spot, I finally wised up. Now I keep a crumpled list in my truck console of three credit unions that'll do same-day over $10K if you call ahead by 8 AM. It's stupid how much smoother things go when you just plan for it.