Page 21 - PTA Buyers Guide

ARIZONA'S "Good Funds" LAW
ARIZONA'S "Good Funds" LAW

Arizona law requires that escrow agents not disburse money from an escrow account until funds related to the
transaction have been deposited and are available.

PIONEER TITLE'S GUIDELINES CONCERNING THE AVAILABILITY OF FUNDS

All available dates are based on funds deposited in our bank. The following information outlines the
availability of most common types of deposited.

Same Next Day * 2 nd 5 th
Type of Deposit
st
Day* (1 Business Day) Day* Day*
Bank Wire, Electronic Payment or Transfer X
Cashier’s, Certified and Tellers’ Checks X
Official Checks, Drawn on Local ** FDIC Institution X
Official Checks, Drawn on Non-Local and/or Non-FDIC X
US Treasury Checks, US Postal Money Orders X
All other Money Orders (Non-US Postal) X
Federal Reserve, Federal Credit Union & Federal Home X
Loan Bank Checks
Local ** State, County, Municipal Gov't Checks (Must X
be In-State and Local**)
Non-Local, State, County, Municipal Gov't Checks (5 Day) X
th
Local ** Checks including: Personal, Corporate, Credit X
Union, Money Market & Traveler's Checks
s Checks X
Non-Local Checks including: Personal, Corporate,
Credit Union, Money Market & Traveler's Checks
On-US Checks *** X
Third Party Checks: It is our company policy not to accept third party checks. Exceptions must be approved by
Escrow Administration
Drafts: No disbursement until funds received

* Business Day: Funds are potentially available on the *Business Day indicated above. A business day is
st
defined as a calendar day other than Saturday and Sunday, and excluding most major holidays. If January 1 ,
th
th
th
July 4 , November 11 or December 25 fall on a Sunday, the next Monday is excluded from the definition
of a business day. Note that individual banks may require additional "hold" periods longer than shown
above.
** Local: A Check is considered "local" when it is drawn against a bank located in the same processing region
as the depository bank. The check-processing region for the State of Arizona is
the Los Angeles Region. Any check with a four-digit ABA Number beginning with "12" or "32" is
"local".
*** On-US Checks: Next day availability is dependent on the check being drawn against the same bank or
branch as the depository bank and in the same check-processing region, meaning the ABA
numbers must begin with "12" or "32".

Pioneer Title Agency

COMMITMENT TO SERVICE

Page 19