Escrow Manager Account
Crown Bank's' Escrow Manager Account is designed for customers who have the need for a simplified, comprehensive product that relieves the administrative burden of maintaining multiple, separate escrow accounts. Crown Bank's Escrow Manager Account does it all and more:
One consolidated statement
Provides audit trail
Crown Bank Takes Care of the Details
We keep your accounts in order and you informed of transactions. We establish your clients escrow accounts as sub-accounts, and maintain separate account records for each of your sub-accounts. Crown Bank also:
- Maintains the single master escrow checking account and manages the multiple escrow sub-accounts.
- Sends you a comprehensive monthly statement summarizing the activity in the master account, detailing activity for each sub-account, and provides current account balances and accrued interest.
- Prepares 1099 forms and mails them directly to the sub-account holders.
- Maintain an Escrow Manager Account and a Master Checking Account for disbursements.
- Make deposits into the Master Checking Account.
- Supply us with Form W-9 completed by your client for each sub-account opened.
- Close a sub-account at any time.
All of Your Clients Receive the Following Benefits
- Interest from the day of deposit to the day of withdrawal.