Switched to a broker after my bank lost a wire transfer for 2 weeks

My bank in Atlanta screwed up a wire transfer for my earnest money deposit back in March. They sat on it for 12 days and blamed it on a 'system glitch'. I missed the deadline by 3 days and almost lost the deal. The buyer's agent was ready to cancel the contract. After that I moved everything to a local broker who actually answers the phone. Anyone else have a bank drop the ball on a time-sensitive transfer like that?

2 comments

2 Comments

zarapalmer2d ago

Oh man, I was totally in the "banks are safer" camp until a similar wire mess cost me a weekend rental last year. This kind of stress changes your whole perspective fast, doesn't it?

fiona_johnson822d ago

Honestly I gotta push back a little here. I get that it was stressful but switching to a broker might not fix the core issue. Banks mess up sometimes but they have way more security and insurance than most brokers do. I've seen brokers lose money or get hacked and then you're in a much worse spot. Plus brokers aren't regulated the same way banks are so if something goes really wrong you have less protection. Maybe your bank just dropped the ball this one time and you should have escalated to a manager faster. Not saying it wasn't frustrating but moving everything over a single glitch might be an overreaction.