Ohio’s House Bill No. 463 goes into effect on April 6, 2017. This changes how title companies can accept Good Funds for Real Estate transactions. H.B. No. 463 is requiring funds in excess of $1,000 be in the form of a wire transfer. Wire transfers are different from ACH (a.k.a. Direct Deposits or Person to Person transactions).
- Wire Transfers are more costly.
- Wires are the most secure type of funds.
- Wire Transfers are also the quickest to transfer money.