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Streamlined and efficient, the Escrow Management
Account makes it easier to manage escrow funds for more than one
client at a time.
Getting Started
- Establish a Master Account — an Advanced
Business Checking Account. To set up a new account, visit
a Banking Center.
- You may create SubAccounts — Business Statement Savings
Accounts that earn a competitive rate of interest. There is no
limit to the number of SubAccounts you may establish.
- Make all deposits and withdrawals for the SubAccounts directly
through the Master Account, and receive one combined monthly statement,
tracking Master Account and each SubAccount’s activity. And
Bank of America will prepare all year-end interest information
and send it directly to your clients.
SubAccount Management
Once you've opened your Master Account, establishing SubAccounts
is simple.
- Download a SubAccount
Request Form* (PDF, 35k)
- Fill out a SubAccount form for each SubAccount
- Bring or mail the completed SubAccount form, a deposit slip
for the Master Account, and the opening deposit(s) to your local
Banking Center
To close a SubAccount*, complete a SubAccount Request Form and
bring or mail it to your local Banking Center. We will close the
SubAccount and transfer the funds to your Master Account so you
can write a check directly to your client or wire the funds.
Free Business Bank by Phone
Managing your Master Account and SubAccounts is easy. Just call
our 24-hour Business Bank by Phone service at (800) 295-0068.
With this free service you can:
- Verify the balance in your accounts
- Review recent transactions with detailed description
- Transfer funds** between the Master Account
and any SubAccount
- Receive confirmation of funds transfers on your monthly
statement.
Get Started
Visit a Banking Center to establish your Master Account today!
To Learn More
Call us toll-free at (800) 295-0068. For details regarding
the terms and conditions of this account, please read our Business
Deposit Account Information brochure (PDF, 340k).
** In order to transfer funds, you will need to sign and return an Escrow Management Bank by Phone Transfer Agreement. To request a copy of this Agreement by mail or fax, please call toll-free at (800) 295-0068.
* If you are closing a SubAccount and your client
or tenant has moved or changed their address since the account was
established, please complete the Change of Address form (PDF, 25k) and submit it with the SubAccount
Request Form.
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© 2008 Bank of America Corporation. All rights reserved. Bank of America,
N.A., LaSalle Bank N.A., and LaSalle Bank Midwest N.A. Members FDIC.
Equal Housing Lenders. Equal Opportunity Lenders.
PLEASE NOTE: LaSalle products may not be able to be serviced at Bank of America banking centers or through BankofAmerica.com until late 2008. |
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