Business Escrow Manager™
The Business Escrow Manager™ product offers customers having fiduciary responsibility over their own clients’ funds a unique service. The product simplifies accounting procedures and decreases paperwork and costs associated with escrow administration.
Who Can Benefit?
- Real Estate Attorneys & Brokers
- Deposits from Developers/Buyers
- Developers & Builders
- Property Management Companies
- Security Deposits on Rental Properties
- Title Companies
- Realtors
- Insurance Companies
- Healthcare Companies
- Funeral Homes
Business Escrow Manager™ will benefit you by:
- Removing administrative burden by the consolidation of multiple accounts
- Simplifying accounting procedures and reduce the risk of theft or fraud
- Reduced banking expenses and/or increasing staff productivity
- Providing control and audibility by segregating and managing data within one account; while keeping track of all activity flowing through the account.
The Business Escrow Manager™ product eliminates the need to maintain separate bank accounts for each client by allowing management of all escrow funds to be housed within a single master account. A business savings account serves as the umbrella (the master account) under which a series of related sub-accounts are maintained.
Individual escrow sub-accounts are established at the time of their initial deposit using each client’s tax ID number. Each sub-account is insured up to $100,000. The use of specialized deposit tickets advises the bank to designate these funds separately from those already held in the master account.
The customer is provided with one comprehensive statement showing the master account balance and history along with the balances and histories of all related sub-accounts. IRS reporting is also provided, with 1099’s mailed directly to the customer’s clients.
Customers access sub-account funds for partial or full disbursements by calling the Cash Management Department and following a security procedure for identity verification and specifying:
- The sub-account name & number
- The amount & effective date of the transfer to the defined disbursement account
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