One account for all your escrow management and maintenance needs. All deposits to client sub-accounts as well as subsequent withdrawals are made through the one Master Escrow checking account, eliminating the maintenance of individual escrow accounts at the bank or separate accounting records.
Opening a New Client Sub-Account
No more separate trips to the bank. New client information is completed on a special deposit ticket and can be mailed to the bank. Escrow accounts may be designated as interest bearing, payable to your client or to the IOLTA fund. It’s that simple.
Withdrawing client funds is as easy as writing a check. Simply include the client’s sub-account number in the space provided on the specially-designed escrow check. When the check is paid, funds will automatically be withdrawn from the identified sub-account. Interest on client accounts is paid monthly. Closing an account is simple too. Just fax a close-out notification request to Escrow Services and we will provide you with accrued interest up to the date of closeout. You can even request to have interest split between clients at time of closeout. Simply forward a W-9 to Escrow Services and we’ll take care of the rest. No more hanging interest due to check clearing times.
With Haven Savings Bank’s Escrow Management Service, virtually every detail of your clients’ transactions is handled for you. Monthly statements are provided on your Master Account as well as each client sub-account for easy tracking of all deposits and disbursements. In addition to simplifying your daily record keeping, we also take care of year-end tax reporting, eliminating any time-consuming accounting, preparation, distribution and expense. The Escrow Management System will generate an IRS 1099-INT for each sub-account and forward the appropriate copies to your clients. This feature alone makes it worth considering Haven’s Escrow Management Services.
We’re here to help! Our Escrow Management Service team stands ready to assist you with all your escrow needs. In addition to the technical support, you will have access to an account officer who can assist you with your other banking needs or requirements.
Who can use a Master Escrow Account?
A Master Escrow Account can be used by attorneys, property managers, realtors, title agencies, municipalities and housing authorities.
How does it work?
Deposits are made with a desktop scanner installed on any PC with an internet connection. Paper checks are digitally scanned, and an image of the check is electronically transmitted to your account at Haven Savings Bank for processing. It’s simple and easy to use! Give us a call today for a free demo.
Hoboken – Executive Offices
621 Washington Street
Hoboken, NJ 07030
New Providence – Business Development
98 Floral Avenue, STE 203
New Providence, NJ 07974
phone: 908-376-2580or 908-918-2412