Forget about the headaches of managing multiple escrow accounts – opening a Escrow Management Analysis Account with Regent Bank means no more spending valuable time managing individual escrow accounts. No more traveling back and forth to the Bank or maintaining information for each sub-account on your system. No more preparing year-end 1099 forms. Simply open a Escrow Analysis Account and we do the rest.
Regent Bank’s popular Master Escrow Management Analysis Account is the perfect solution for property managers or other businesses maintaining escrow accounts for clients. The service maintains separate escrow accounts for clients, summarized in a single monthly statement for convenience. This time-saving and money-saving service is ideal for organizations that spend significant time and expense in processing escrow accounts for their clients.
Without Charge, Regent Bank Will:
- Establish your Master Escrow Analysis Account so you can open individual sub-accounts by mail or phone, and electronically track your master account from your office or home.
- Maintain separate accounting for each sub-account.
- Provide a detailed monthly statement for each sub-account.
- Process withdrawals, close sub-accounts and transfer funds by telephone, as you request.
- Prepare IRS 1099 forms for each sub-account.
All you have to do to get started is: Open a Master Account and a business checking account with Regent Bank for disbursements. Make deposits with a special deposit ticket which provides for the name, address and Tax ID number of your client. Supply us with a W-9 form completed by your client for each sub-account opened.
Regent Bank’s Master Escrow Analysis Accounts are just right for your business. You can be confident each account is managed correctly, fulfilling all tax obligations while earning interest on deposits. There is no charge for these services, and each sub-account is insured by the Federal Deposit Insurance Corporation (FDIC) up to legal limits.
For Consultation and Pricing contact your local Regent Bank office.