Why do escrow services use wire transfer?
Escrow services seem to typically require earnest money funds to be deposited via wire transfer. These days the wire transfer instructions will be surrounded by 50-point bold red text warning you that wire fraud is on the rise and you must be extra careful to follow the original wire transfer instructions exactly, call the escrow service to verify the account details, and ignore any phone calls, emails, or text messages you receive with "new" wire transfer instructions. On the other hand, if the sale doesn't work out, the escrow service will refund your deposit with a check. I understand why wire transfers are prone to fraud. What I'm less clear on is why they're still the standard for escrow deposits.