Copies of Paper Checks: Bad; Electric Earnest Money: Good


 Lynn Leegard, Trustfunds president & co-founder; Kris Pearson, Trustfunds marketing manager  |    August 01, 2022
EktronWREM-Check.jpg

Historically, it may have been customary to include a copy of a paper earnest money check with an offer to purchase a property. Today, when that copy of the check is provided electronically, it creates great risk for the agent, broker and consumer. Imagine the nightmare of having to notify buyers you had a data breach, and the breach included a copy of their personal banking information — all because you had images of earnest money checks in your phone, email inbox or on your computer. 

Why not avoid dealing with checks and wire transfers altogether by using an electronic earnest money solution? TrustFunds electronic earnest money does just that. TrustFunds allows agents to make electronic earnest money payments right from the property detail page in their MLS.

Thankfully, six Wisconsin MLS providers have partnered with TrustFunds to make electronic earnest money available to all their members:

  • Central Wisconsin Board of REALTORS®
  • Lake Superior Area REALTORS® Association
  • Metro MLS
  • REALTORS® Association of Northeast Wisconsin
  • REALTORS® Association of Northwest Wisconsin
  • South Central Wisconsin MLS

Using electronic earnest money completely eliminates the need for paper checks and wire transfers. TrustFunds also allows you to:

  • Mitigate risk and exposure for agents and buyers by removing the need for having personal bank account information in a phone, email or on paper where it could be lost or stolen.
  • Save money at the pump by eliminating the need to drive around to get paper checks and make bank deposits.
  • Improve productivity and reporting with valuable real-time reporting of every transaction. 
  • Use it anytime, anywhere, on any device.

Check out how electronic earnest money works in this video: vimeo.com/663419024

Want to know if your business, preferred title company or law firm is currently participating to receive TrustFunds electronic earnest money? Check TrustFunds’ Wisconsin member list online at wirex.trustfunds.us.com/current-members. Don’t see the company you are looking for? Encourage the company to register at www.trustfunds.us.com or fill out an interest form online at www.trustfunds.us.com/interest-form, and TrustFunds will reach out.

About TrustFunds

TrustFunds provides a comprehensive electronic earnest money solution directly integrated with the MLS platform. Agents don’t have to log in to a different system or vet the security of a solution on their own — TrustFunds is marketwide in its partnership with the MLS. TrustFunds’ mission is to provide customers more time for more life by simplifying and securing the earnest money process. For more information, visit www.trustfunds.us.com.

Copyright 1998 - 2022 Wisconsin REALTORS® Association. All rights reserved.

Privacy Policy   |   Terms of Use   |   Accessibility   |   Real Estate Continuing Education