Reduce paperwork and save time
with 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.
And, there are no bank fees or charges for this account! Simply open a Simplified Master Escrow Account and First Southern Bank will do the rest.
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. Because of this requirement, each unique sub-account is insured up to $250,000*. The use of specialized deposit tickets provides the key information needed for sub-accounting, interest allocation, 1099 reporting, and the documented ownership for FDIC coverage at the sub-account level.
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
Simplify your life with Simplified Escrow.
Contact First Southern Bank today!
Palm Beach County:
Martha M. MaDan
561-237-2991
Broward County:
Myrna Meza
954-708-5405
* The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.
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