Escrow Manager FAQs

Why should I use Escrow Manager?

  • Escrow Manager is a comprehensive service that eases the burden of managing escrow funds by allowing you to deposit funds into a single "master" checking account with Individual escrow "sub-accounts" maintained by the bank.
  • This eliminates the need to open numerous accounts for each individual escrow deposit and allows you to write checks out of a single "master" checking account.

Is there simplified reporting with Escrow Manager?

  • Yes, you will receive a monthly statement, listing all of the activity on the Escrow Manager Master Checking account and a comprehensive, consolidated monthly report that lists all sub-accounts and detailed transaction activity, balance and interest for each account.
  • This reduces a great deal of paperwork, assists with accounting and provides a detailed audit trail.

Is IRS reporting provided?

Yes, all IRS reporting and 1099-INT forms will be mailed directly to your clients by the bank.1

How do I enroll in Escrow Manager?

Just visit your local branch to open the Escrow Manager Master Checking account.  You will receive a copy of the Escrow Manager Account Additional Terms, which outlines how the service works and your responsibilities.

View these detailed instructions on how to open and close an escrow sub-account, make deposits into a sub-account and disburse funds out of a sub-account.

How do I close a sub-account?

Follow the same procedure for dispersing funds, but indicate that the sub-account is to be closed on the Sub-Account Transaction form.

Who do I contact if I have questions or need assistance with Escrow Manager?

Please contact the Deposit Escrow Management Department at 1-855-848-8696

[1]IOLTA accounts will not be sent 1099-INT forms