Paradise Bank offers an escrow funds management product to company’s who have fiduciary responsibility over their clients’ funds. This type of account allows you to maintain one account but accept escrow funds from various clients. We keep track of the interest on each deposit and are able to provide detailed monthly statements and 1099 INT reporting. Benefits to sub-accounting are:
- Record Consolidation-Comprehensive monthly statements that reduce customer paperwork and allow for better management of escrow funds.
- Reduces Administrative Burden – The Escrow product streamlines account opening and closing procedures, saving time and money.
- Convenient – The customer can call us daily, if necessary, and get information pertaining to any account.
- Provides Audit Trail – Monthly statements clearly show the interest earned on each sub-account.
- Provides Fund Security – Each sub-account is insured individually by the FDIC up to the maximum allowable amount.
- Provides Complete IRS Reporting –1099INT forms are produced for each sub-account holder annually .