Escrow Manager Account saves time and makes it easy to open, maintain and close separate escrow accounts for individual clients and their business transactions.
Accounts can be opened by completing a simple form in the convenience of your own office.
Account closings or withdrawals can be telephoned to the Bank. The monies are immediately transferred to your Escrow Manager Account and you write a check to direct how the funds are to be disbursed.
A client account may be opened with a minimum of $1,000.
Client accounts will earn interest. The interest rate and corresponding annual percentage yield will vary.
Each client account is insured by the FDIC.
A monthly statement showing all activity on the Escrow Manager Account and balance information on client accounts reduces record-keeping.
The Bank will report all earnings on the accounts to your clients and the IRS.
