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, real estate agents, property managers, nursing homes and title 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. (We’ll also send you a copy of the 1099 form for your records.)
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.
- 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
- Custom file names for each sub-account using up to 14 characters
- Record consolidation
- Reduced administrative burden
- Convenient disbursement procedure
- Established audit trail
- Funds security