Escrow Management

Managing escrow accounts can be difficult, time-consuming and costly. Century Bank’s Escrow Management Account is a fast, economical solution for your escrow accounting headaches.

Professionals benefiting from Escrow Management include:

• Property Managers
• Title Companies
• Attorneys
• Real Estate Brokers
• Nursing Homes and Assisted Living Facilities
• Landlords
• Homeowner's Associations and Community Association Managers (C.A.M.'s)
• Builders

Save money:

• Increase profit by reducing the amount of time your personnel spend on account management.
• Master and disbursement accounts are service charge-free.
• There are no wire fees, no monthly service fees, no minimum balance and no per item charges.

Save time:

• Eliminate the need for separate bank accounts for each escrow client.
• Streamline the sub account opening and closing process.
• Consolidate records with comprehensive monthly statements.
• Remove administrative paperwork.

Have peace of mind:

• This accounting system helps you comply with legal guidelines and provides the security of a clear audit trail.
• IRS reporting and 1099's are generated by the bank.
• Each sub account is FDIC insured up to $100,000.
• Accounts are password secured and confidential.

Enjoy convenience:

• Simply call the bank for information on any sub account. We can give you a disbursement figure on the sub account (including interest), even for a future disbursement date.
• We will transfer money to your disbursement account upon request.
• No urgent trips to the bank; we even pick up your deposits.
• Your employees are trained by Century Bank when you initiate the program, as well as during staffing changes.

Century Bank's Escrow Management accounting system provides fast, accurate and current information. It's as easy to use as a checking account and you can pay interest to your clients.

For more details on how Escrow Management works, click here.