September 2010 E-News from Juliana Tu, Escrow Officer
GOOD FUNDS vs COLLECTED FUNDS: What are “good” funds? In 1990, California Insurance Code Section 12413.1 passed the law that defines what are considered “good” funds and how soon they are available for disbursement. Wired funds are available immediately upon receipt, cashiers checks, teller checks are available for disbursement the next business day following deposit; and personal checks have varying dates, depending on which part of the country the check is generated. But “good” funds are not the same as “collected” funds. Any banker will tell you that just because we rely on a Cashier’s Check being “good” the next business day so that we can close escrow and disburse on this money, it does not mean that the actual funds have been collected through the Federal Reserve system from the paying bank. This, apparently, may take up to 4 days. So as a matter of good management, we request that our clients WIRE funds to us, which means these funds are collected the minute they hit our account, thereby removing any question of whether we actually have the money in our account when we disburse.
DOUBLE DIP OR ONE SINGLE LOOONG DIP? Now that I got that question out, I have to follow up and say: “Your guess is as good as mine which is as good as Bernanke’s or any economic guru out there”. If anyone says they can foretell what will be happening, then they are just pontificating for the sake of pontificating and desperately looking into a foggy crystal ball. As for my pontificating, three things are for sure: (1) Unemployment is bad for the Economy. (2) Overspending is bad for our Personal Economy. (3) If the government (US, State, and local) doesn’t cut spending, we are dead meat. No matter what, we are in it for the long haul, guys. Tighten up the belts! Here is a grim but realistic viewpoint from someone from “across the pond”…
SOME THINGS YOU SHOULDN’T PAY FOR: Or at least not too much (see (2) above). Books, DVD rentals, gym memberships, credit reports, there are many ways to save by taking advantage of what is there, right under your nose. All you have to do is check it out and look for other means and ways. As the article says, try the library for books and DVD rentals. Try the park instead of a gym membership that you might use twice a year. You are allowed a free credit report once a year. Instead of subscriptions to newspapers or newsmagazines, try the free WWW!
IT’S ALL IN THE POCKETBOOK: The Europeans know where to hit you to make the most impact – in the pocketbook. Here is a story of what happens when you speed through European countries. If you are stupid enough to speed and unlucky enough to get caught, your fine will not be a measly few hundred dollars; your fine could be based on the “severity of the offense and the offender’s income level”. And that, as per our story, could be as much as US $962,000.00! That is what I call an OUCHIE! If you like feeling the wind whipping through your hair you will also need to like the wind whipping through your pocketbook.
GOOGLE AND PRIVACY ISSUES: Privacy issues are a very sensitive subject when dealing with new technology. Case in point is Google Maps. We all know that with Google Maps you can zoom in for a picture of your home and whatever happens to be picked up by that certain satellite orbiting above at that certain point in time. There you are mowing the lawn! Alright! But what if you were in a private area surrounded by walls, sunning yourself in a manner you would never show in a public area? What if someone is checking out that home for sale on your street and is panning through the neighborhood and happens on a picture of you? That can happen! How do we combat that? Read about it here.
UNSENDING SENT E-MAILS: Talking about Google, they are testing a feature that allows you to cancel a sent e-mail within a 30 second window period. How many times have I sent out an e-mail and said “Oops!” right after that? Well, if you use Google for your e-mail provider, you might be able to do something about the “Oops”. This is a classic case of using technology to combat human error when using technology.
FACEBOOK PARENTS AND “FRIENDS”: Have you heard that commercial of a customer who bought a computer for his mother with his credit points and his mother proceeds to “friend” him and post his childhood pictures on Facebook? Every time I hear it I cringe. What a terrible thing to do to your kid! However, from what I read, there are many, many parents who use the social network sites to check up on their kids and post pictures or comments that embarrass the recipient. When it gets to the point in which the offspring will take measures to “unfriend” their parent that becomes pretty sad. My personal take on this, and mind you, I am not only my daughter’s “friend” but also a lot of other people’s “friend”, is that when you “FRIEND” someone you need to remember the spirit and meaning of the word. Don’t post or comment anything on this person in this forum that you would not do in an auditorium full of strangers. Read more here.
A FATE WORSE THAN DEATH? TRY DIGITAL DEATH! The following eye opening story is absolutely included here to raise our consciousness: Have you ever wondered what happens if a booboo is made somewhere in some government’s data server and you are considered dead? Do you know what the trickle down effect of that error could be? Read on for this incredible real story. What is scary is that it apparently is not so uncommon!
TIP OF THE MONTH: Having a tough time scrubbing out cookware? Fill the pan with enough water to cover the tough food residue, drop in one sheet of dryer sheet, soak for about 10 minutes, then use that same dryer sheet to clean away the residue!!!! (Contributed by Yesenia Campos of Viva Escrow)
I AM WALKING FOR HOPE!
On Sunday, November 7th, my family, my Viva Escrow staff, my friends in my Escrow Association and I will be doing our yearly City of Hope “Walk for Hope”. This will be the 10th year that we are commemorating those who were struck by the terrible “C” word. There are those who succumbed, those who triumphed, those who are still struggling, and those who are yet to come. Cancer knows no bounds; it is the great equalizer. Will you join us by walking or supporting our efforts? Please log on here and click on “Join Team”. Your donation, whether large or small, goes to a greater good – the chance to eradicate a disease that strikes fear into the hearts of all.
“Don’t believe the world owes you a living; The world owes you nothing – It was here first.”
Robert Jones Burdette (1844-1914)
Cleric and humorist
Respectfully submitted,
Juliana Tu, CSEO, CEO, CBSS, CEI
Director, California Escrow Association
Commitment. Knowledge. Escrow.
Viva Escrow, Inc.
2549 Huntington Drive #103
San Marino, CA 91108
Direct Tel # (626) 744-1684
Direct Fax # (626) 744-1689
www.vivaescrow.com
