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Escrow Account Management

At Provident Bank, we understand that the administration of escrow deposits can be challenging. That’s why our Escrow Account Management Service simplifies the process—consolidating multiple account records, streamlining the allocation of account interest, and facilitating year-end tax preparation. We deal with the IRS so you don’t have to, managing all of your accounting and paperwork. 

Provident also pays a competitive Annual Percentage Yield (APY) on escrow account balances. That means you get the best of both worlds: the advantages of escrow accounting and the higher rates typically associated with CDs or Business Money Market accounts.

What You Get with Escrow Account Management

Designed specifically for attorneys, property managers, municipalities, realtors, title companies, housing authorities, funeral homes, and 1031 QIs, Provident Bank’s Escrow Account Management Service offers a host of benefits, including: 

Ready Access to Funds:

Make partial withdrawals any time by writing a check. Plus, all withdrawals and account closings can be handled by phone or fax, so you can manage your accounts when it’s convenient for you.

Flexible Sub-Account Management:

With one master account and unlimited sub-accounts that are never intermingled, Provident makes managing your escrow account easy. You can open sub-accounts without notifying the bank and close accounts with a simple phone call or fax. You can also choose your own sub-account numbers (any combination of alpha and/or numeric characters) to match internal references. And the cherry on top? No maintenance or transaction fees. 

Detailed Reports:

Provident gives you everything you need for easy account reconciliation: a consolidated report summarizing all sub-account activity, deposit/debit registers, and automated wire transfer notifications with Federal Reserve tracking information. You’ll have 24/7 access to master and sub-account reports via our online banking service, ProvidentConnect for Business. To reduce your company’s administrative burden, we also provide year-end 1099 and IRS reporting. 

IOLTA Compatibility:

We offer two premier IOLTA (Interest on Lawyers Trust Accounts) accounts for attorneys: IOLTA Checking for your daily business banking needs and IOLTA Escrow Management.

Reduce the headaches, maintain total control over your funds, and save your business time and money with Provident’s Escrow Management service. We’ll help configure an account to suit your company’s needs. 

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