Deposit Escrow

Keeping track of all the deposit balances held in escrow can be a challenge.

From opening escrow accounts for each of your clients to offering an online portal that gives you full visibility and control, we can help you manage it all.

How It Works

Your Pinnacle financial advisor can help you open separate deposit escrow accounts to hold funds. Accounts are managed separately and independently from each other, and we don’t need any additional paperwork to get started.

Our Deposit Escrow portal helps you manage multiple accounts. You can hold combined funds in one master account and use the portal to set up escrow sub-accounts to track separate balances. Interest negotiated on the master can be shared automatically with your clients, and tax reporting for that interest is performed on your behalf.

The portal gives you full control on opening, managing balances for and closing escrow sub-accounts. You don’t have to provide any account opening documentation, and opening a new escrow account can be completed in a matter of minutes. You can also download statements quickly to share with your clients.

Features

  • You can create as many escrow sub-accounts as needed.
  • Interest can be split automatically between your master account and the escrow sub-accounts.
  • Wire and ACH transactions are available intra-day to allocate to your sub-accounts. Other transactions will be available the next business day.
  • Transaction allocations can be back dated to ensure the correct interest is accrued and paid.
  • Statements are generated monthly; custom statements can be requested for the master and all escrow sub-accounts or for a specific escrow sub-account.
  • Transaction history is retained for up to two years.
  • 1099’s will be mailed to your clients for any interest paid to the escrow sub-accounts. You also have the option to have the 1099 mailed to you so that you can distribute it to your clients.