Business

Escrow Manager

Save Time and Money on Escrow Management With Escrow Manager

Escrow Manager

If you handle escrow funds for your clients, you know how much work is involved. Now The First has a new and easier escrow account designed to save you time and money by streamlining the opening, closing and 1099 reporting process. It’s called Escrow Manager. Escrow Manager is ideal for attorneys, funeral homes, health care, HOAs, municipalities, non-profits, real estate agents, property managers, retirement homes /assisted living, title or insurance companies.

Escrow Manager allows you to deposit escrow funds into a single master account. It eliminates the need to maintain separate accounts for each client. One commercial savings account acts as an umbrella (master account) under which a series of individual sub-accounts are tracked by The First. Instead of getting monthly statements for each escrow account, you’ll get one consolidated monthly statement showing each sub-account’s balance and account history. Perhaps best of all, Escrow Manager takes the burden out of annual 1099 reporting because The First mails 1099 forms directly to your clients.

Once you’ve opened your Escrow Manager master account, anytime you have escrow funds to deposit, simply have your client sign the back of a special Escrow Manager deposit ticket and deliver the completed deposit ticket with the opening deposit check to The First. That’s it! No more signature cards to fill out. No more 1099s to mail out each January. No more stacks of monthly statements to clutter your files.

Features

  • No service charges
  • Unlimited number of sub-accounts
  • More than one master account may be opened
  • FDIC insurance up to $250,000 for each individual sub-account
  • Interest is paid at the sub-account level

Benefits

  • Record consolidation
  • Reduced administrative burden
  • Convenient disbursement procedure
  • Established audit trail
  • Funds security

ZEscrow

ZEscrow is a 24hr web-accessible front end for managing your escrow Operating/Holding account(s). With secure online access, organizations can manage virtually all their escrow and sub-accounting tasks without sending another fax, touching another paper tax form, or calling customer service.

The platform works seamlessly through a secure online portal. It provides access to all critical information on the various subaccounts, with full reporting capabilities.

Benefits for businesses and organizations that use ZEscrow

  • Fast – ZEscrow allows for monitoring and managing escrow and subaccounts online, 24/7.
  • Efficient – No more faxing or emailing signed forms, no more phone calls to check balances or make changes.
  • Compliant – Regulatory compliance is built in, including W-9s and other tax paperwork.
  • Cost-effective – Clients of First National Bank & Trust use the ZEscrow platform free of charge.

 

ZEscrow eliminates the headache of escrow and subaccounting in one elegant digital system.

  • 100% online, anytime access for designated team members.
  • 30 seconds to open, fund, manage or close escrow accounts.
  • Create 1-1000+ digital folders to match your internal filing system.
  • Just 2 button clicks to access detailed reports and historical statements.
  • 60 seconds to gather and store W-9s online with DocuSign integration.

Frequently Asked Questions

What is ZEscrow?

  • ZEscrow is a digital tool designed to automate the process and procedures necessary to open, close, maintain and service escrow, trust, and custodial accounts.
  • You will be able to access escrow accounts quickly and directly through a responsive online portal.
  • The system will manage funding, release of funds, authentication, statement production, interest calculations and document retention.

What are the benefits of ZEscrow?

  • 100% digital access.
  • Open, fund, manage and close sub-accounts all online.
  • Organize sub-accounts through our unique digital folder system to make tracking easier than ever.
  • Option to invite beneficiaries to fill out necessary paperwork online. (W-9s, etc.)
  • Statements at your fingertips.
  • Interest tracking and disbursement is automatic.
  • Automated delivery of statements, notifications, and tax reporting.

What are the requirements for ZEscrow?

  • First National Bank of Newtown Master Checking Account (Operating/Master account)
  • Escrow Holding Savings Account (housing all sub-accounts)
  • Email address for the ability to access the online portal.

How do I login?

  • Once your Operating and Holding accounts are setup up you will receive an email from “[email protected]” requesting you to Setup Your Account Now and create a password.

Will I need to order and submit special deposit tickets for sub-accounts?

  • Special deposit tickets are no longer needed if using the portal but are still available.
  • You can open new sub-accounts digitally through the ZEscrow platform provided you have the funding in your Operating Account. Otherwise, you will need to visit a branch to deposit funds. 

What will change when my Escrow Management processing is migrated to ZEscrow?

  • You will no longer need to process transfers by going to a branch or by emailing, but you may still do so.
  • All transfers and account closures can be processed digitally by you or your authorized users on the ZEscrow platform.
  • The Escrow Manager account will now be referred to as the Holding Account. (Housing all sub-accounts).
  • The Disbursement account (if you have one) will be referred to as the Master/Operating Account and will be used for all transactions for both deposits and disbursements.
  • You will no longer receive a statement from First National Bank of Newtown for the Holding account. You will access digital statements on the holding account and the sub accounts through the digital portal.
  • A copy of the tenant’s W-9 will be required to be uploaded for interest reporting purposes. For your convenience, ZEscrow also offers the ability to send the W-9s digitally to the beneficiary.

Will I receive Escrow statements?

  • Yes, statements can be accessed through the digital portal.  We will no longer mail you your statement.

What happens if I have access to multiple organizations?

  • If a User has access to multiple organizations, you will receive an invitation for each organization.
  • You will have to go through the complete set-up process for each organization.
  • For any additional organization, you will have to agree to the Terms and Conditions.
  • One login will allow you to view all the organizations on one screen.

Who will send out my tax form(s)?

  • ZEscrow will mail all required year-end 1099 tax forms. Regulatory compliance is built into the portal.

Can I still call or visit the bank to do my transfers?

  • Yes, you can continue to process the same way you currently do.
  • Cutoff times for transactions made in ZEscrow – daily cutoff times will be 4pm EST – to be available the next business day.
  • Transfer posting will follow the normal banking business schedule.
  • ZEscrow access will be available 24/7 for you to schedule your transfers via the online portal.
To make a full or partial disbursement from any sub-account, call our Deposit Operations Department at 215-860-9100, and instruct our representative to transfer funds to your disbursement account (either an existing or new checking account). For more information visit your nearest branch in Newtown Borough, Newtown Township, Doylestown, Warminster, Richboro, Jamison, Langhorne, Levittown, Fairless Hills, Solebury, Washington Crossing, or Wrightstown to get started!