We make escrow accounts simple and convenient. Many companies use business escrow services to safely hold clients’ money during lawsuits and corporate mergers and sales. Others want to protect funds that may be released after a performance guarantee is met.
1st Mariner’s client escrow accounts feature:
- Connected accounts: You start by opening a main escrow account for each client using a W-9 form and the client’s taxpayer identification number (TIN). You may then open unlimited connected subaccounts. Subaccounts don’t need to maintain minimum balances.
- Simple recordkeeping: We maintain separate account records for each of your escrow subaccounts. Each subaccount also gets a separate monthly statement.
- Tax services: We automatically issue year-end 1099 statements for each subaccount.