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.
- No monthly maintenance fees.