Anytime you use your Manasquan Bank Debit Mastercard® for point-of-sale (POS) purchases, we’ll round up the total purchase to the nearest whole dollar and automatically deposit the difference into your designated checking or savings account.
If you’re managing multiple escrow accounts, then you’re already undoubtedly struggling with a mountain of information: account numbers, client data, Tax IDs.
Manasquan Bank not only wants to help you feel less restricted, we also want to assist your business. That’s why we have our Escrow Management Account.
Your Master Account provides a bird’s eye view of your entire client list; you can see what’s going on with each sub-account and make deposits or request disbursements from a solitary interface.
The best part about this is the fact that it makes record-keeping so much easier, and you won’t need to worry about finding and organizing a lot of disparate records come Tax Day. All of your 1099s are in one place, along with all of the rest of the information on your clients and a record of their annual transactions.
With this kind of freedom, maybe you’ll take on new clients. Maybe you’ll take time to do what’s more important to you. Either way, you’ll have the freedom to choose.
Benefits & Features
This is a recommended option for:
- Title Agencies
- Property Manages
- Housing Authorities
- Financial Officers
How it works:
- Open a Master Account and a business checking account for disbursements.
- Make deposits with a designated ticket (including the Tax ID # of your client).
- We establish and track your escrow account and sub-accountsand send comprehensive monthly statements.
- You have immediate access to these funds by sending us an email (or giving us a call); we will transfer the funds into a disbursement account, you make the requisite transfer payment, and the funds are fully accessible from there.
- We prepare 1099 forms for each of the sub-account holders.
- Each sub-account is FDIC insured up to $250,000.
Ready to get started? Reach out to your Branch Manager today!