Escrow Administrator

Account Manager

Abington Bank now offers a product that will manage your escrow accounts for you - the ABINGTON BANK ESCROW ADMINISTRATOR. This one account allows you to combine separate escrow account funds in a single "master" account. We will maintain separate account records for each of your sub-accounts and provide you with a comprehensive statement for each month. Thus, the ABINGTON BANK ESCROW ADMINISTRATOR will reduce costly paperwork while maintaining a clear audit trail. You no longer need to keep track of individual accounts, deposit slips or 1099 forms.

• A Single "Escrow" Account
  With the ABINGTON BANK ESCROW ADMINISTRATOR, you only need to open one master account and a disbursement checking account. It only takes a telephone call to transfer funds from any sub-account into your disbursement account for withdrawal. The ABINGTON BANK ESCROW ADMINISTRATOR also allows you to attach an unlimited number of sub-accounts to your master account without having to go through the complete account opening process. Just have your client complete a W-9 form for tax reporting of interest earning. There is no minimum deposit for any new sub-account.
  
  
• Sub-Accounts
  Abington Bank will identify each escrow sub-account you open by your client's Taxpayer Identification Number (TIN). Just have your client provide his TIN on a W-9 Form. Individual sub-accounts can be established by presenting your preprinted escrow deposit ticket to a customer service representative at the branch office where you opened your ABINGTON BANK ESCROW ADMINISTRATOR.
  
  
• Access
  Accessing your ABINGTON BANK ESCROW ADMINISTRATOR is simple. When you want to make a deposit to a sub-account, simply complete the preprinted escrow deposit ticket and include your client's name, address and TIN. You no longer need to keep a separate checkbook for each escrow account you manage. When you need to make a withdrawal or obtain information about your escrow accounts, just call your local branch manager. Be sure to have your master account number ready. We will transfer funds from the appropriate sub-account to your disbursement account. You can close a sub-account at any time without changing the status of your master account.
  
  
• Consolidated Statement
  Each month, you will receive a statement with your consolidated master account transaction history. You will also receive a comprehensive monthly statement with a detailed transaction history of all of your sub-accounts. This statement reflects the up-to-date account balance and accrued interest information for each sub-account. All sub-account balances reconcile on both statements, relieving you of this time-consuming task.
  
  
• IRS Reporting
  Abington Bank will mail each customer's 1099 form and handle all required IRS reporting responsibilities for you.
  
  
• Insurance
  Each one of your client's deposits is insured for up to $100,000 by the Federal Depository Insurance Corporation (FDIC). In addition to FDIC insurance, we ensure that your ABINGTON BANK ESCROW ADMINISTRATOR will be professionally managed.
  
  

The ABINGTON BANK ESCROW ADMINISTRATOR is economical, convenient and saves time. It streamlines escrow account opening and closing procedures, allowing you to operate more efficiently. Best of all, it's so simple; you'll wonder how you managed without it! For additional information, please stop by one of our convenient locations or send us an e-mail at abington@abingtonbank.com.