If you have the overwhelming task of managing funds for your clients then let ParkeBank’s EZ Escrow ease your burden. Now you can manage your escrow accounts through one master and as many sub-accounts as your need.
One Account That Does It All
The ParkeBank EZ Escrow Account relieves your business of the administrative burden of opening, tracking, and reporting on your clients’ individual escrow accounts.
Opening a Master Escrow Account means no more spending valuable time managing individual escrow accounts. No more traveling back and forth to the bank or having to maintain separate information for each escrow deposit account on your system. No more preparing year-end 1099 forms. Simply open a Master Account and we will do the rest.
Here’s how it works:
- We establish and track your client’s escrow deposits as individual sub-accounts.
- We send you a comprehensive monthly statement summarizing the activity in the Master Account and detailing all the activity for each individual sub-account. This is a cumulative statement which provides you a complete, precise audit trail. Every financial transaction is tracked from the initial deposit to the final withdrawal. (We even carry zero balances on this statement until year-end just in case you are ever audited.)
- We prepare the 1099 forms and mail them directly to the sub-account holders.
- No service charges – there are no maintenance fees associated with our EZ Escrow Account
- EZ Escrow complies with all Pennsylvania and New Jersey regulations.
Here’s how to get started:
Open a Master Account for deposits and a business checking account for disbursements. Make deposits with a special deposit slip which allows for the name, address and tax ID number of your client.
When you require a disbursement (withdrawal) simply fax us the transfer request form and we will transfer the needed funds into your master checking account. You then write a check; you never have to come back into the bank to make a withdrawal. You do not even have to leave your desk. Furthermore, trained representatives are available to handle requests for disbursements or to answer any questions you may have.
By opening a ParkeBank EZ ESCROW ACCOUNT you will eliminate all the administrative hassle associated with the handling of escrow deposits!! For more details give us a call or stop at any ParkeBank location.
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The Federal Deposit Insurance Corporation (FDIC) has permanently increased deposit insurance on all accounts to $250,000 per depositor.