No Electronic transfer of sale proceeds?

P

puppy

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We have completed the sale of our house. I was expecting the funds to be transferred electronically but solicitors say client account cheque only on grounds of safety.

Is this correct? It sounds like a delay tactic to get the interest on client fund. Or am I getting cynical in my old age?
 
puppy said:
It sounds like a delay tactic to get the interest on client fund. Or am I getting cynical in my old age?
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Do the math. How much interest will they really get in 3 or 4 days in a client fund while the cheque clears? And compare this to the financial calamity that would engulf them if a botched electronic transfer went to the wrong account and the worst happened.

And getting a different solicitor at this late stage, and for such a flimsy reason, is a daft suggestion.
 
They also have to pay any interest earned in excess of €100 to you.

There is nothing untoward in this, it's just a lot of solicitors are used to writing a cheque and handing it over, many may not be au fait with new fangled technology. Solicitors also get all the cheques they issue sent back to them by the banks once they've cleared so it's a lot easier audit trail for when they are being audited. They simply hand over a shoe-box of cheques to the auditor as opposed to any records of EFT's
 
T McGibney said:
And getting a different solicitor at this late stage, and for such a flimsy reason, is a daft suggestion.
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That wasn't a serious suggestion, that much should be clear.
Still point stands - cheques are an absolute pain in the neck for everybody involved. Maybe Ireland and the Law Society could join the 20th century (yes, 20th) and ditch cheques for good.

Shoe-box of paper cheques as audit trail ... mind boggles.
 
Client account regulations are an absolute nightmare for solicitors unless they observe them to the absolute letter of the law. @RedOnion's link explains why solicitors won't be dispensing with cheques for client account payments any time soon.
 
newirishman said:
That wasn't a serious suggestion, that much should be clear.
Still point stands - cheques are an absolute pain in the neck for everybody involved. Maybe Ireland and the Law Society could join the 20th century (yes, 20th) and ditch cheques for good.
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Well it came across as being serious...

As for botched transfers: a bank can't simply take the money out of some else's account just because you ask them to and once it leaves the bank the problem grows not to mention it leaving the jurisdiction! We phased out personal checks here in Switzerland about 15 years ago, but banker's drafts remain, because even they don't recommend sending large sums via ebanking!
 
A guy at work recently lost 30k through a botched electronic transfer to his solicitor and he is not getting it back. It happens.

Cheque is eminently more sensible.
 
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