ESCROW ACCOUNT MANAGEMENT
From Provident Bank
At Provident Bank, we're committed to helping you manage escrow accounts. We provide:
- IOLTA Checking Account
- IOLTA Escrow Account Management
IOLTA Checking Account
Opening an IOLTA Checking account is a two-step process, which starts with establishing a BusinessAdvantage Checking account with OUTSTANDING features such as (1) no minimum balance to open, (2) no minimum balance requirement, and (3) no monthly maintenance fees. You also get 1000 free transactions (checks paid, deposits, etc.) per statement period.
Once we have been notified by IOLTA that you have been approved to participate in the IOLTA Program, your account is automatically converted to an IOLTA Checking account with "IOLTA LEADERSHIP" rates/annual percentage yields (APYs) and these OUTSTANDING features (1) unlimited check writing, (2) no minimum balance required by Provident, and (3) end of month statement cutoff to tie into your accounting records and practices. Plus, your account will earn the Leadership Bank rates as prescribed by IOLTA!
IOLTA Escrow Account Management
IOLTA Escrow Account Management allows you to be in total control of funds at all times. You have one checking account for disbursement of funds which houses separate sub-accounts for each individual client or case. For control and reporting purposes, sub-accounts are never intermingled.
- Reduced administrative burden
- Monthly Trial Balance Summary Report
- Comprehensive monthly statements for all sub accounts upon request
- Consolidated records
- Interest is paid to IOLTA
- Maintains bank statements for the disbursement checking account
How IOLTA Escrow Account Management Works
- The Provident Bank will establish and track your client's escrow accounts as sub-accounts with special deposit slips
- Every month we will send you a trial balance summarizing the activity in the master account and a register detailing the deposits and disbursements
- Each sub-account is insured by the FDIC up to $250,000
- When you require a partial or final disbursement, simply write the check from your disbursement account and include the sub-account number in the special boxes provided on the check. When the check is received for payment, we will transfer the funds from the appropriate sub-account to pay the check.
For more information on IOLTA Escrow Account Management and other services to help you manage cash, contact Rich Vaill today at (973) 644-5403, or visit a nearby Provident branch.