Escrow Manager FAQs
Why should I use Escrow Manager?
- Escrow Manager is a comprehensive service that eases the burden of managing escrow funds by allowing you to deposit funds into a single "master" checking account with Individual escrow "sub-accounts" maintained by the bank.
- This eliminates the need to open numerous accounts for each individual escrow deposit and allows you to write checks out of a single "master" checking account.
Is there simplified reporting with Escrow Manager?
- Yes, you will receive a monthly statement, listing all of the activity on the Escrow Manager Master Checking account and a comprehensive, consolidated monthly report that lists all sub-accounts and detailed transaction activity, balance and interest for each account.
- This reduces a great deal of paperwork, assists with accounting and provides a detailed audit trail.
Is IRS reporting provided?
Yes, all IRS reporting and 1099-INT forms will be mailed directly to your clients by the bank.
How do I enroll in Escrow Manager?
Just visit your local branch to open the Escrow Manager Master Checking account. You will receive a copy of the Escrow Manager Account Additional Terms, which outlines how the service works and your responsibilities.
Detailed instructions onhow to open the escrow sub-accounts, make deposits into a
sub-account, disburse funds out of a sub-account?
How do I close a sub-account?
Follow the same procedure for dispersing funds, here, but indicate that the sub-account is to be closed on the Sub-Account Transaction form.
Who do I contact if I have questions or need assistance with Escrow Manager?
Please contact the Deposit Escrow Management Department at 1-855-848-8696
IOLA accounts will not be sent 1099-INT forms