Escrow Manager Account
If you operate a law firm, real estate or property management company, managing client funds is a large and time-consuming aspect of your business. At Enterprise Bank, we make managing client funds easy with our Escrow Manager Account.
Here’s how it works:
- We establish sub-accounts for each of your client accounts.
- You make deposits into each sub-account using special deposit tickets.
- We send you a comprehensive monthly statement summarizing all activity in your Master Escrow Account, as well as for each sub-account.
- We prepare all 1099s and mail them directly to each of your clients at year end.
You pay fewer fees, because instead of opening and paying for multiple accounts for each client, you maintain just one Master Account. You also have immediate access to funds by simply calling our Customer Sales and Service Center. What’s more, the FDIC insures each individual sub-accounts up to $250,000*.
*through December 31, 2013