Escrow Manager Account

Escrow Made Simple – and FREE

  • Individual escrows are opened quickly and easily using our specialized deposit tickets.
     
  • Monthly statements provide you with detailed reports on the activity in all of your escrow accounts.
     
  • One phone call or fax provides immediate access to the escrowed funds through your disbursement account.
     
  • Annual 1099 interest reporting forms are prepared and mailed directly to each of your escrow clients.
     
  • Flagship Escrow Manager is a free Business Banking Service

Here’s How it Works:

When it comes to running your business, managing multiple escrow accounts is probably not at the top of your “To Do” list. That’s why we developed the Flagship Escrow Manager, a specialized service to help you manage multiple escrow accounts with little more than a phone call.

Flagship Escrow Manager eliminates time consuming trips back and forth to the bank to open individual escrow accounts and the need to maintain separate ledgers for each client on your system. What’s more, we even prepare the year-end 1099’s for IRS interest reporting and send them to your clients, so you don’t have to.

Four Simple Steps

  1. Open a Master Escrow Account and a Business Checking Account for disbursements.
     
  2. Use our specially designed deposit tickets, which incorporate the required IRS W-9 form, to open as many individual escrows as you need.
     
  3. Monitor the activity in all your accounts with one detailed monthly statement.
     
  4. Call or fax your request for funds, and the amount will automatically be transferred into your business checking account for disbursement.

NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS 

EFFECTIVE JANUARY 1, 2013

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest bearing transaction accounts, visit www.fdic.gov.


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