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Our Attorney Escrow Account
gives you both safety and convenience in a single source. First,
each of your clients' accounts is segregated into separate sub-accounts.
These sub-accounts are then linked to a single disbursement account
from which disbursement checks may be drawn. Thus, you can open
and
close sub-accounts as needed while maintaining a permanent master
account for disbursements. Each sub-account is also clearly identified
with your clients social security number or taxpayer ID number. Other
benefits are:
- Comprehensive monthly statement. Each month
you will receive a straight-forward statement that clearly describes
all account activity.
- Competitive interest rates. While you benefit
by saving bookkeeping time, your clients will receive interest
at a rate that is based on the Bank's
Money Fund Savings rate.
- Easy transfer. Transfers of funds from sub-accounts
to the disbursement account may be made by phone, in writing,
by fax or at your branch. Once the transfer is complete, a check
can then be drawn up to the amount of the transfer.
- Tax reports. The Bank will generate the 1099
tax reports required for each sub-account.
- No maintenance fees. The Bank does not charge
maintenance fees on Attorney Escrow Accounts.
To request information on these or any of our business products, click
here. We also invite you to visit one of our branches and talk to a customer service representative.
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