Escrow Solutions for Commercial Businesses
When in charge of handling money and documents, it is vital to keep the process as simple as possible. From commercial real estate developers to healthcare facilities or law firms, at Huntington, we believe in providing your business with the tools and resources to help simplify your escrow management.
What is an escrow?
Huntington Escrow Solutions is an easy-to-use, self-service online platform that can help reduce the administrative burden of managing your clients’ escrow balances, or your own self-managed funds.
This platform maintains a single master account that consolidates all balances where sub-accounting is performed at individual account levels. This creates a comprehensive, low-cost, self-service solution that provides organizations with an online accounting tool to effectively manage sub-accounts and allocations.
Along with saving administration time by granting user entitlements within your organization, the online platform supports a variety of business needs.
- Unlimited number of sub-accounts per master account
- Noninterest or interest-bearing options available for sub-accounts
- Interest earned on sub-accounts
- Structure, so that sub-accounts are insulated from check and ACH fraud
- Monthly combined statements, summarizing account balances for all sub-accounts established under a specified master account
- Robust audit trails, including 1099 year-end tax reporting
- Online sub-account management through Huntington Business Online, so you can open, close, and disburse funds
- Set up ACH or wire deposits to post directly to existing subaccounts
What is an escrow used for?
Huntington Escrow Solutions is beneficial for:
- Landlord tenant/property management
- Homeowners association (HOA) fees
- 1031 exchanges
- Government/Non-Profit/Healthcare Funds management
- Non-IOLTA (Interest on Lawyer Trust Accounts) Escrows (used for class action, litigation, and structured settlements)
- Mortgage loan services
- Utility deposits
- Home builders
- HUD Housing Urban Development /URA Urban Redevelopment Authority operators
- Tuition payment plans