With Escrow Services, you may combine an unlimited number of individual interest-bearing escrow sub-accounts into a single master account. This unique escrow relationship is distinct from your operating and other business accounts to help you easily distinguish client funds.
You’ll also receive a monthly Master Account statement that provides you with a clear and comprehensive consolidated listing of all linked sub-accounts.
Features
- Unlimited amount of interest-bearing sub-accounts can be linked to the Master Account
- You control the disbursement of funds, since sub-accounts are closed and deposited back to the Master/Disbursement Account, which provides you with a documented paper trail of activity
- A consolidated monthly Master Account statement displays all your linked client sub-accounts, making your record keeping easy to review in one neat package
- Special requests may be accommodated, such as duplicate statements issued to the beneficiary
- 1099 reporting handled by Sovereign Escrow Services
- An Escrow Services Relationship Specialist will help with all your transaction needs, including opening new sub-accounts and closing others; and the systematic support of administrative fee credits to landlords in applicable states
