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Escrow Management Service
Escrow Management Service lets you keep clients' funds separate from your firm's own by using one master account and multiple related accounts. This service provides individual sub-accounting on your clients' accounts, with interest apportioned on their balances.
- Earn a variable monthly earnings allowance on the average collected
balance you maintain in your account to offset both the per item fees
and maintenance fees associated with your account.
- Monthly maintenance fee of $15.00 with $.19 per paid item, $.90 per deposit and $.11 per deposited item.
- Manage multiple client accounts through one master account with check-writing capabilities for disbursing funds.
- Move client funds from any sub-account to the master account.
- Minimize fees for the related master account by utilizing our account analysis, ask your Account Officer for details about this advantage.
- Interest on clients' escrowed funds in multitiered business or personal money market savings accounts. Interest can be apportioned to each client account.
- Receive a monthly escrow statement detailing activity, balances, and interest on all your clients' accounts.
- Have the convenience of 1099 interest reporting to the Internal Revenue Service.
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