Client Escrow Account
1st Mariner Client Escrow Account Service was designed to be economical and convenient. These accounts save you time and reduce your paperwork with no compromise to the access and flexibility you require.
Features and Benefits:
Maintain a single master account with an unlimited number of sub-accounts.
With each sub-account, 1st Mariner maintains separate account records—a convenient service of detailed monthly statements on each for quick and easy viewing.
No minimum balances needed for the sub-accounts.
1st Mariner will generate the 1099s for each of your clients at year’s end, reducing your paperwork while keeping your transactions safe and secure.
Withdrawals, Deposits & Inquiries
To transfer funds from your Client Escrow Account, simply email or fax your authorization by 2:00 p.m. for same-day service and the funds will be transferred from your sub-account into your disbursement account. One step and it’s done! To make deposits, simply complete a Client Escrow Account deposit ticket with your client’s name, address and Taxpayer Identification Number (TIN). 1st Mariner offers comprehensive monthly statements with detailed transaction history for all sub-accounts, making it easier than ever to stay up to date on account information for the master account and all sub-accounts.
Sub-accounts are identified by the client’s TIN. Adding new sub-accounts is quick and easy, requiring only that your client complete a W-9 form for tax reporting purposes. For added convenience, we have pre-printed the W-9 form on the back of the deposit ticket. Closing sub-accounts is simple, too, and it won’t affect the status of your master account.
Setting Up Your Client Escrow Account
To learn more about the advantages of a 1st Mariner Client Escrow Account Service, or how it differs from our Zero Balance Account, call one of our Business and Executive Bankers today at 410-735-2003. If you’d prefer, stop by a nearby branch or email us at CashManagement@1stmarinerbank.com.