Escrow Management Service is designed for individuals or organizations that act as escrow agents for their clients, including:
Attorneys who handle trust funds, including IOLA
Property managers who handle security deposits
Title companies who handle escrow deposits
Real estate companies who handle earnest money
Funeral Homes that establish burial accounts
Empire State Bank understands your time is valuable. That’s why our Escrow Management Service is designed to reduce operating costs and servicing time related to escrow management by linking interest-bearing or non-interest bearing “sub-accounts” to a single “master checking account”.
Benefits of Escrow Management Service
No need to maintain ledgers or costly accounting systems to manage escrow account activity.
All accounts are consolidated into one easy-to-read monthly statement.
No monthly service charge or minimum balance requirements on the master or sub-accounts.
1099 tax reporting mailed directly to the clients (not applicable for IOLA accounts).
Free Online Banking…view account activity and manage accounts 24/7.
Remote Deposit Capture…deposit checks online 24/7 from the convenience of your office.
Issue checks for easy disbursement from the master checking account.
Each sub-account is established under the client’s tax ID number and is FDIC insured up to $250,000.