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. 

How do I open the escrow sub-accounts? 

Click here for detailed instructions.  

How do I make deposits into a sub-account? 

Click here for detailed instructions.  

How do I disburse funds out of a sub-account? 

Click here for detailed instructions.  

How do I close a sub-account? 

Follow the same procedure for dispersing funds, here, 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] IOLA accounts will not be sent 1099-INT forms  

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